India, Sept. 11 -- Oil prices traded lower on Friday but headed for a sharp weekly gain amid escalating U.S.-Iran tensions and concerns over prolonged disruption to global energy supplies.
Brent crude futures tumbled 2.7 percent to $104.68 a barrel but were still on track for their biggest weekly advance since July. WTI crude futures were down 2 percent at $100.44 a barrel.
In its latest monthly report, the International Energy Agency (IEA) predicted that world oil demand will drop by 2.5 million bpd this year, more than its previous forecast of a 1.6 million bpd decline due to record fuel prices. The IEA sees world oil supply declining by 5.7 million bpd this year.
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