Home Markets Oil falls as storm-hit U.S. supply trickles back into market

Oil falls as storm-hit U.S. supply trickles back into market

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A TORC Oil & Gas pump jack is seen near Granum, Alberta, Canada May 6, 2020. REUTERS/Todd Korol/File Photo

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NEW YORK, Sept 17 (Reuters) – Oil prices fell on Friday as energy companies in the U.S. Gulf of Mexico restarted production after back-to-back hurricanes in the region shut output.

Both Brent and U.S. crude benchmarks were on track for weekly gains of 3.2% and 3.3%, respectively, owing to the recent supply tightness due to the hurricane outages.

Brent crude futures fell 42 cents to $75.25 a barrel by 12:48 p.m. EDT (1648 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 60 cents to $72.01 a barrel.

Friday’s slump came after five straight sessions of rises for Brent. On Wednesday, Brent hit its highest since late July, and U.S. crude hit its highest since early August.

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