Shafaq News/Oil prices fell slightly on Friday as the risk that a hurricane in the Gulf ofMexico will affect U.S. oil and gas output declined while the market continuesto weigh how President-elect Donald Trump's policies might affect supplies.
Brent crudeoil futures fell 26 cents, or 0.3%, to $75.37 per barrel by 0209 GMT. U.S. WestTexas Intermediate (WTI) crude gained 35 cents or 0.5% to $72.01. Thebenchmarks fell after rising nearly 1% on Thursday.
For theweek, Brent is set to gain 3.1% while WTI is set to rise 4.1%
HurricaneRafael, which has caused 391,214 barrels per day of U.S. crude oil productionto be shut, is expected to move slowly westward over the Gulf of Mexico andaway from U.S. fields while forecast to weaken from Friday and through theweekend, the U.S. National Hurricane Center said.
Pricescorrected on Friday after gaining support on Thursday on expectations thatTrump's incoming administration may tighten sanctions on Iran and Venezuela,which could limit supply, though a strong dollar and lower crude imports inChina capping gains.
A strongdollar makes oil more expensive for other currency holders and tends to weighon prices.
Downwardpressure also came from data showing crude imports in China, the world'sbiggest oil importer, fell 9% in October, the sixth consecutive month showing ayear-on-year decline, as well as from a rise in U.S. crude inventories.
(Reuters)