Crude oil futures fell 1.3 per cent on Friday, snapping a seven-day winning streak, as fears about Iran dwindled and traders embarked on profit taking.
Crude oil futures for August, which expired on Friday, settled down $1.22 at $91.44 a barrel on the New York Mercantile Exchange. Crude for September declined $1.14 to $91.83.
For the week crude still remained 5 per cent higher after solid gains earlier in the week. Crude surged over 3% on Thursday alone on concern about Syria and Iran.
The stronger dollar also discouraged investors, making it more expensive for holders of other currencies. The dollar index, which measures the US currency against a basket of six others, climbed to 83.460 from 82.925 on Thursday.
On the ICE futures exchanged Brent oil fell $1.06 at $106.74 in London.
Among precious metals gold accrued a modest 0.2% gain on Friday but still registered a weekly loss of 0.6%.
Gold for August delivery rose $2.40 to settle at $1,582.80 an ounce on the Comex division of the New York Mercantile Exchange