On Friday, oil prices eased after gaining in the previous three days as US producers have started to return to operations in the Gulf of Mexico, along with data on Saudi Arabian exports.
By 01.12 GMT, Brent crude oil futures slipped by 6 cents to USD43.24/barrel, while the US WTI crude futures fell by 6 cents to USD40.91/barrel. Previously this week, both benchmarks had surged as Hurricane Sally prompted a sharp cut on US production and are set for a first weekly gain in three weeks of around 9%.
On Thursday, US offshore drillers and exporters started a clear up after the hurricane passed and weakened. They have begun to reboot the idle Gulf of Mexico rigs, after a five-day shutdown. At least 30 offshore oil and gas platforms have had their crews returned.
Another factor depressing oil prices was the figure of Saudi’s July oil exports, which rose from the record low in June to 5.73 million bpd.
However, the price falls were cushioned by the statement from the Organization of the Petroleum Exporting Countries and its allies (OPEC+), that the group will take action on members that are not complying with deep output cuts.
OPEC+ cutting 7.7 million bpd of output to support prices.
