Oil jumps as storm approaches Gulf of Mexico production hub
Oil prices rose on Friday, on track to post big gains for the week, on worries about supply disruptions as energy companies began shutting in production in the Gulf of Mexico ahead of a potential hurricane forecast to hit on the weekend.
"Energy traders are pushing crude prices higher in anticipation of disruptions in output in the Gulf of Mexico and on growing expectations OPEC+ might resist raising output given the recent Delta variant impact over crude demand,” Edward Moya, senior market analyst at OANDA told Reuters.
Brent crude futures rose 98 cents, or 1.4%, to $72.05 a barrel at 0542 GMT, after falling 1.6% on Thursday.
U.S. West Texas Intermediate (WTI) crude futures climbed 93 cents, or 1.4%, to $68.35 a barrel, clawing back a 1.4% loss on Thursday.
For the week, Brent is on track for a rise of nearly 11% this week, its biggest weekly jump since June 2020. WTI is headed for a weekly gain of nearly 10%, which would be its strongest rise since August 2020.
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