Oil rose on Friday and for some time exceeded $73 a barrel, supported by increasing indications of supply cuts in the United States due to Hurricane Ida, and as higher-risk assets received a boost from US-China trade hopes.
And still more than two-thirds of oil production in the Gulf of Mexico in the United States, or 1.2 million barrels per day, has been suspended since mid-August due to the hurricane.
Brent crude rose at the settlement of $ 1.47, or 2.3%, to $ 72.92. The session peak was at $73.15 a barrel. West Texas Intermediate crude rose $1.58, or 2.3%, to $69.72.
The two grades recorded small gains during the week. Brent is up 41% this year thanks to production cuts from the Organization of the Petroleum Exporting Countries (OPEC) and some recovery in demand from the pandemic.
Oil and stock markets also received support from news of a phone call between Chinese President Xi Jinping and US President Joe Biden, which raised hopes for improved relations and more global trade, according to analysts.
Baker Hughes Energy Services said the United States increased the number of oil rigs in the latest week, indicating that production could rise in the coming weeks.
The focus next week will be on revisions to oil demand forecasts for 2022 from OPEC and the International Energy Agency. Two OPEC+ sources said that OPEC was likely to revise its forecast downward on Monday.