Oil prices edged lower on Friday, although Brent still gained for a third straight week amid supply concerns should the United States reimpose sanctions on Iran. Brent crude futures LCOc1 fell 10 cents, or 0.1 percent, to settle at $74.64 a barrel. This month, the global benchmark hit highs above $75, a level was last seen in late 2014. U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 9 cents to settle at $68.10 a barrel, also a 0.1 percent loss. Brent gained about 0.5 percent this week – its third consecutive weekly gain – while WTI posted a weekly loss of about 0.5 percent. Hedge funds and other money managers cut their combined futures and options position in U.S. crude in New York and London by 17,021 contracts to […]