Oil drilling rigs
Oil prices rose on Friday after Hurricane Francine churned through the Gulf of Mexico, disrupting oil production before making landfall in Louisiana.
Brent crude futures for November delivery increased 0.64%, or $0.64, to $72.43 a barrel, at 08:05 am Makkah time.
Similarly, US West Texas Intermediate (WTI) crude for October delivery added 0.70%, or $0.48, to $69.45 per barrel.
Both contracts are expected to record weekly gains of over 1.7% and 2%, respectively.
“A previous dip to an almost three-year low called for some near-term breather to end the week, as market participants price (in) for the disruptions to short-term oil supplies caused by Hurricane Francine,” said IG market strategist Yeap Jun Rong.
https://www.argaam.com/en/article/articledetail/id/1754489
