Oil prices were strong after posting significant overnight gains following the weakness of the US dollar and signs that the disruption of oil production in the Gulf of Mexico will continue longer than expected.
US WTI crude futures were down slightly at $ 69.83 a barrel, while Brent oil traded up at $ 73 a barrel as the market entered the European session.
Both benchmarks jumped 2% on Thursday, putting WTI trading on track to rise 1.5% for the week, while Brent headed for a 0.3% weekly gain.
This week’s rise was largely influenced by the fall of the U.S. dollar, which made oil cheaper for holders of other currencies, and the fall due to Hurricane Ida that hit the Gulf of Mexico last weekend.
About 1.7 million barrels a day of crude oil production was halted following damage to oil facilities that slowed the relocation of crews to the rig.
Moreover, the reduction in US crude oil supplies also supported the strengthening of prices which was slightly affected by OPEC +’s decision to increase production by 400,000 barrels per day per month.
