Oil prices rose on Friday and were on track to post big gains for the week on worries about supply disruptions as energy companies began shutting production in the Gulf of Mexico ahead of a possible hurricane forecast to hit on the weekend. As of the start of trading today, WTI Crude was up 1.66 percent at $68.54 and Brent Crude traded at $72.13, up 1.49 percent.
Despite Thursday’s retreat, oil prices were set on Friday for a large weekly gain of around 9 percent, driven by a more optimistic demand outlook with China reporting earlier this week zero symptomatic COVID cases for the first time in weeks. A weaker U.S. dollar earlier this week also supported oil prices, which had jumped 5% at the close on Monday, rebounding from the longest losing streak since 2019 of seven consecutive settlements in the red, as investor risk appetite increased.
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