Oil drops as storm-hit U.S. supply returns

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For the week, Brent rose 3.3% and US crude 3.2%, supported by tight supplies due to the hurricane blackouts.



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Friday’s drop followed five straight sessions up for Brent.

Oil prices fell on Friday as energy companies in the Gulf of Mexico in the United States restarted production after back-to-back hurricanes in the region halted production. Brent crude futures fell 33 cents to $ 75.34 a barrel. US West Texas Intermediate (WTI) crude futures fell 64 cents to $ 71.97 per barrel. For the week, Brent rose 3.3% and US crude 3.2%, supported by tight supplies due to the hurricane blackouts.

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Friday’s drop followed five straight sessions up for Brent. On Wednesday, Brent hit its highest since late July and US crude hit its highest since early August.

“The reason oil prices have reached such highs over the past few days is clearly due to supply disruptions and dwindling inventories, so now that US oil production is back, oil is on target. is trading lower, ”said Nishant Bhushan, oil markets analyst at Rystad Energy.

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Fourteen offshore platforms in the Gulf of Mexico were closed two weeks ago because Ida remained closed, energy services firm Baker Hughes Co. said.

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Gulf Coast crude oil exports pick up after Hurricanes Nicholas and Ida destroyed 26 million barrels of offshore production. Restarts continued with about 28% of U.S. Gulf of Mexico crude production offline, Reuters reported Thursday.

U.S. energy companies this week added oil and gas rigs for the second week in a row, although the number of offshore units in the Gulf of Mexico remained unchanged after Hurricane Ida hit the coast there. more than two weeks.

Fourteen offshore platforms in the Gulf of Mexico were closed two weeks ago because Ida remained closed, energy services firm Baker Hughes Co. said. Four offshore platforms were brought back into service last week.

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The number of oil and gas rigs, an early indicator of future production, rose from nine to 512 in the week to September 17, its highest level since April 2020, Baker Hughes said.

The dollar hit a multi-week high on Friday, making dollar-denominated crude more expensive for those using other currencies. The dollar was boosted by better-than-expected US retail sales data on Thursday.

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US consumer confidence stabilized in early September after plunging the previous month to its lowest level in nearly a decade, but consumers remain concerned about inflation, a survey found on Friday.

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