17.09.202110:31:00UTC+00Oil Prices Fall As US Supply Returns Slowly

Oil prices fell on Friday as supply returns slowly following two hurricanes in the U.S. Gulf of Mexico.

The dollar climbed to a three-week high today, making dollar-traded crude imports more expensive for countries using other currencies.

Brent crude futures for November delivery fell 63 cents, or 0.8 percent, to $75.04 a barrel while U.S. West Texas Intermediate (WTI) crude futures for October settlement were down 59 cents, or 0.8 percent, at $71.97.

Both benchmark contracts were up around 4 percent for the week amid signs that the recovery in output is lagging demand.

According to data from the Bureau of Safety and Environmental Enforcement, it is estimated that approximately 28 percent of the current oil production in the Gulf of Mexico is still shut in.

The U.S. Baker Hughes Oil Rig Count, viewed as a proxy for activity in the sector, will be published later today.

Last week a noticeable improvement in the number of operating oil rigs was seen after the drop from the one-year high following the shutdowns due to Hurricane Ida.