Oil prices dip as Indian tanker sails out of Strait of Hormuz

LONDON, Mar 13 (Reuters): Oil prices dipped on Friday as an Indian tanker sailed out of the Strait of Hormuz and the US put forth measures to try and ease supply concerns, but were on track for weekly gains as disruptions due to the Middle East conflict broadly persisted.

Brent futures for May was down 92 cents, or 0.9 per cent, to $99.54 a barrel at 1234 GMT, but was heading for a weekly increase of 8.0 per cent. US West Texas Intermediate (WTI) crude for April declined $1.64, or 1.7 per cent, to $94.09 a barrel, and was set for a 4.0 per cent uptick for the week.

An India-flagged oil tanker moved out from the east of the Strait of Hormuz carrying gasoline bound for Africa, an Indian government official said on Friday.