Brent crude futures fell 27 cents, or 0.36%, to
$75.40 a barrel by 0838 GMT, erasing Thursday's 21 cent gain.
U.S. West Texas Intermediate (WTI) crude futures were down 39
cents, or 0.54%, at $72.22 after settling unchanged in the
"Oil prices are slightly softer as offshore U.S. production
continues to slowly return ... and as some countries still
struggle to contain the delta variant (of the coronavirus) ,"
said Edward Moya, senior market analyst at OANDA.
"Crude prices are having another good week despite broad
weakness across commodities that stemmed from a resilient U.S.
The dollar climbed to a three-week high on Friday, making
dollar-traded crude imports more expensive for countries using
As of Thursday, about 28% of U.S. Gulf of Mexico crude
production remained offline
two-and-a-half weeks after Hurricane Ida hit.
"It's still taking longer than people thought in terms of that
coming back. That has been a supportive factor in the market,"
said Commonwealth Bank commodities analyst Vivek Dhar.
"We're going to go into more (supply) deficit conditions - that
certainly seems to be the view."
Preliminary data from the U.S. Energy Information Administration
showed U.S. crude exports in September have slipped to between
2.34 million barrels per day (bpd) and 2.62 million bpd from 3
million bpd in late August.
(Reporting by Julia Payne in LondonAdditional reporting by
Sonali Paul in Melbourne and Roslan Khasawneh in
SingaporeEditing by David Goodman)
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