Oil dips, but concerns persist about Iran supplies
Global benchmark Brent crude futures were down 13 cents, or 0.2 percent, at $74.61 a barrel by 00.50 GMT, after rising 1 percent on Thursday
US West Texas Intermediate (WTI) crude fell 12 cents, or 0.2 percent, to $68.07 a barrel. The contract gained 0.2 percent the previous session.
U.S. President Donald Trump will decide by May 12 whether to restore sanctions on Iran that were lifted after an agreement over its disputed nuclear program, which would probably result in a reduction of Iranian oil exports.
Brent has gained more than 6 percent this month on expectations the United States will renew sanctions.
Nonetheless, further gains have been capped by rising U.S. production as shale drillers ramp up activity in tandem with the rise in oil prices.
Surging U.S. production, which hit 10.59 million bpd last week, has encouraged record-high U.S. exports.