Oil Rises on Fears over Hurricane Francine Impact on US Output

Oil prices rose in Asian trade on Friday, extending a rally sparked by output disruptions in the US Gulf of Mexico caused by Hurricane Francine. Brent crude futures rose by 32 cents, or 0.44, to $72.29 per barrel. US West Texas Intermediate crude futures rose by 34 cents, or 0.49, to $69.31 a barrel. If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw Brent crude dip below $70 a barrel on Tuesday for the first time since late 2021. At current levels, Brent is set for a weekly increase of about 1.7%, and WTI is set to gain over 2%. Oil producers assessed damage and conducted safety checks on Thursday as they prepared to resume operations in the US Gulf of Mexico, as estimates emerged of the loss of supply from Francine. Official data showed nearly 42% of the region's oil output was shut-in as of Thursday. Source: Qatar News Agency