It is also heading for a second consecutive weekly gain due to easing United States (US)-China trade tensions.

Brent crude futures lost 18 cents, bringing the price to $64.34 a barrel.

US West Texas Intermediate crude futures were down 21 cents at $61.41.

Both contracts fell more than 2% in the previous session following a selloff on the prospect of an Iranian nuclear deal.

US President Donald Trump said the US was nearing a nuclear deal with Iran, with Tehran "sort of" agreeing to its terms.

However, a source familiar with the talks said there were still issues to resolve.

--Reuters--