LONDON: Brent oil futures dipped on Friday but held above $75 a barrel, remaining on track for a weekly gain of more than 3 per cent thanks to the slow recovery in output after two hurricanes in the US Gulf of Mexico.
Brent crude futures fell 34 cents, or 0.45 per cent, to $75.33 a barrel by 1134 GMT.
US West Texas Intermediate (WTI) crude futures were down 44 cents, or 0.61 per cent, at $72.17 after settling unchanged in the previous session.
“The market is pausing for a breath. This week’s supply-demand reports from OPEC and the IEA suggest that the balance of the year will be tight — demand is expected to grow and non-OPEC supply, partly because of Hurricane Ida, will get tighter,” said PVM Oil Associates analyst Tamas Varga.
“The weather-related disruption was laid bare in Wednesday’s EIA inventory report and further crude oil stock draws are anticipated next week and possibly beyond in the US Gulf Coast.” — Reuters
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