Oil posts second weekly gain as Ida effects lingerBloombergOil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl US oil production, although prices edged lower on Friday following a weak US jobs report. West Texas Intermediate futures capped a gain of 0.8 percent for the week, despite shedding 1 percent on Friday to settle at US$69.29 a barrel. Brent crude for October delivery on Friday fell 0.6 percent to settle at US$72.61 a barrel, up 1.3 percent for the week. Oil climbed this week as the market appears set to remain in deficit even as OPEC and its allies push ahead with reviving supply. “Oil prices continue to trade at relatively elevated levels despite OPEC+ reaffirming plans to normalize output and COVID-19 demand woes still present,” Danske Bank A/S senior analyst Jens Pedersen said.
Source: Taipei Times September 04, 2021 15:56 UTC