<span id="midArticle_start"/>* Traders weigh possibility of Iran nuclear deal by nextweek
<span id="midArticle_0"/>* Tehran eager to recover oil market share lost due tosanctions
<span id="midArticle_1"/>* Oil prices down on day but up for second straight week (New throughout, updates prices and market activity withfurther decline after settlement)
<span id="midArticle_2"/>By Barani Krishnan
<span id="midArticle_3"/>NEW YORK, March 27 (Reuters) - Oil tumbled 5 percent onFriday, erasing the previous session's gains, as Yemen'sconflict looked less likely to disrupt Middle East crudeshipments and investors turned their focus to talks for apotential Iran nuclear deal that could put more supply on themarket.
<span id="midArticle_4"/>Oil prices still notched their second straight weekly gain,boosted by the dollar's weakness in recent sessions. U.S. crudehad its biggest weekly gain in more than a month.
<span id="midArticle_5"/>U.S. crude and global benchmark Brent oil spent most of thesession in a tight range, down about 2 percent. But they fellsharply in late trading.
<span id="midArticle_6"/>Brent settled down $2.78 at $56.41 a barrel. U.S.crude settled $2.56 lower at $48.87. Both fell furtherafter the market settled.
<span id="midArticle_7"/>On Thursday, oil jumped 5 percent on fears that the conflictin Yemen could disrupt cargoes on the neighboring Bab el-MandebStrait, where 3.8 million bpd of crude and oil products flow.
<span id="midArticle_8"/>Yemen's Houthi rebels made broad gains in the country'ssouth and east despite a second day of Saudi-led air strikesmeant to check the Iranian-backed militia's efforts to overthrowPresident Abd-Rabbu Mansour Hadi.
<span id="midArticle_9"/>But the oil market paid scant attention to the conflict, andfocused instead on Iran. Tehran and major powers pushed eachother for concessions ahead of an end-of-March deadline for apreliminary nuclear deal that could lift sanctions on the OPECnation's oil exports.
<span id="midArticle_10"/>"The bulls caved after sensing an Iranian nuclear deal mighthappen by the weekend. Nobody wants to go home long oil on aFriday, with news like this," said Tariq Zahir, fund manager atTyche Capital Advisors in Laurel Hollow in New York.
<span id="midArticle_11"/>Tehran is keen to recover market share lost under theU.S.-led sanctions that have restricted its crude exports tojust 1 million barrels per day from 2.5 million bpd in 2012.
<span id="midArticle_12"/>"Both sides have a lot of skin in the game in terms of thepressure to deliver something, so we're probably going to hearnoise that they have a deal or are close enough but will have topostpone to another deadline," said John Kilduff, partner at NewYork energy hedge fund Again Capital. (Additional reporting by Christopher Johnson in London andHenning Gloystein and Keith Wallis in Singapore; Editing byMarguerita Choy, Lisa Von Ahn and David Gregorio)
<span id="midArticle_13"/>
<span id="midArticle_0"/>* Tehran eager to recover oil market share lost due tosanctions
<span id="midArticle_1"/>* Oil prices down on day but up for second straight week (New throughout, updates prices and market activity withfurther decline after settlement)
<span id="midArticle_2"/>By Barani Krishnan
<span id="midArticle_3"/>NEW YORK, March 27 (Reuters) - Oil tumbled 5 percent onFriday, erasing the previous session's gains, as Yemen'sconflict looked less likely to disrupt Middle East crudeshipments and investors turned their focus to talks for apotential Iran nuclear deal that could put more supply on themarket.
<span id="midArticle_4"/>Oil prices still notched their second straight weekly gain,boosted by the dollar's weakness in recent sessions. U.S. crudehad its biggest weekly gain in more than a month.
<span id="midArticle_5"/>U.S. crude and global benchmark Brent oil spent most of thesession in a tight range, down about 2 percent. But they fellsharply in late trading.
<span id="midArticle_6"/>Brent settled down $2.78 at $56.41 a barrel. U.S.crude settled $2.56 lower at $48.87. Both fell furtherafter the market settled.
<span id="midArticle_7"/>On Thursday, oil jumped 5 percent on fears that the conflictin Yemen could disrupt cargoes on the neighboring Bab el-MandebStrait, where 3.8 million bpd of crude and oil products flow.
<span id="midArticle_8"/>Yemen's Houthi rebels made broad gains in the country'ssouth and east despite a second day of Saudi-led air strikesmeant to check the Iranian-backed militia's efforts to overthrowPresident Abd-Rabbu Mansour Hadi.
<span id="midArticle_9"/>But the oil market paid scant attention to the conflict, andfocused instead on Iran. Tehran and major powers pushed eachother for concessions ahead of an end-of-March deadline for apreliminary nuclear deal that could lift sanctions on the OPECnation's oil exports.
<span id="midArticle_10"/>"The bulls caved after sensing an Iranian nuclear deal mighthappen by the weekend. Nobody wants to go home long oil on aFriday, with news like this," said Tariq Zahir, fund manager atTyche Capital Advisors in Laurel Hollow in New York.
<span id="midArticle_11"/>Tehran is keen to recover market share lost under theU.S.-led sanctions that have restricted its crude exports tojust 1 million barrels per day from 2.5 million bpd in 2012.
<span id="midArticle_12"/>"Both sides have a lot of skin in the game in terms of thepressure to deliver something, so we're probably going to hearnoise that they have a deal or are close enough but will have topostpone to another deadline," said John Kilduff, partner at NewYork energy hedge fund Again Capital. (Additional reporting by Christopher Johnson in London andHenning Gloystein and Keith Wallis in Singapore; Editing byMarguerita Choy, Lisa Von Ahn and David Gregorio)
<span id="midArticle_13"/>
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