Oil slips below $83, down 4% this week

Crude oil prices fell below $83 per barrel on Friday, heading for their first weekly decline after two consecutive weeks of gains, as uncertainty over US-Iran diplomacy and tougher US sanctions continued to weigh on sentiment. Washington?s rejection of talks with Tehran has reduced hopes for a near-term diplomatic breakthrough, keeping geopolitical risks elevated while limiting bullish momentum. Meanwhile, the dollar index held steady near 99 as markets awaited Fed Chair Kevin Warsh?s Jackson Hole speech for signals on the future path of US interest rates. Oil futures are about to end the week lower by more than 4% with the MCX September crude futures trading 0.4% lower at ₹7,930 per barrel.

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