Oil Caps Worst Week Since February as Iran Supply Fears Subside
- U.S. lets eight nations keep buying some Iranian crude
- WTI futures settle with a weekly decline of more than 6%
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Oil extended its slide to six-month lows as the U.S. softened its crackdown on Iranian exports and American supplies surged, easing concerns of an impending shortage.
Futures slumped 6.3 percent this week, the biggest drop since early February. The U.S. has agreed to let eight countries -- including Japan, India and South Korea -- keep buying Iranian oil after sanctions kick in this weekend to prevent a spike in prices, a senior administration official said.