Oil prices fell at settlement, Friday evening, after production resumed following Hurricane Francine and data showed a weekly increase in the number of oil rigs in the United States.
Brent crude futures fell 36 cents, or 0.5%, to $ 71.61 per barrel at settlement, and US West Texas Intermediate crude futures fell 32 cents, or 0.5%, to $ 68.65 per barrel.
Oil futures ended the week higher following huge gains related to the hurricane earlier in the week, thus halting a series of losses.
Brent recorded an increase of about 0.8% since the settlement of last Friday’s session, thus ending a series of weekly losses that lasted 3 weeks, while US crude gained about 1.4%.
Official data as of Thursday showed that Hurricane Francine had shut down about 42% of oil production in the Gulf Coast region, which pumps about 15% of U.S. output.
Both the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency this week cut their demand growth forecasts, citing economic difficulties in Chi
na, the world’s largest oil importer.
Data from the U.S. Energy Information Administration showed that U.S. oil inventories rose last week amid growing crude imports and shrinking exports, while fuel demand weakened.
Investors are now looking ahead to the Federal Reserve’s two-day policy meeting next week. A rate cut is widely expected.
Source: National Iraqi News Agency