Baghdad Oil prices stabilized today, Friday, with the return of more crude supplies in the Gulf of Mexico in the wake of two hurricanes.

Brent crude fell two cents to 72.59 dollars a barrel, after settling at the settlement, on Thursday. West Texas Intermediate crude rose four cents to $75.71, up 21 cents from yesterday.

Both crudes were on track to rise about 4% during the week, with Brent crude nearing a seven-week high and WTI from a six-week high, as production in the US Gulf of Mexico recovered slower than expected after the hurricane / Edda/ hit damage to oil facilities in August, and Tropical Storm Nicholas hit the area this week.

And 28% of US crude production in the Gulf of Mexico was still suspended as of Thursday, two and a half weeks after Hurricane Ida struck.

Oil prices rose, on Wednesday, after data showed a larger-than-expected decline in crude stocks in the United States, the largest consumer of fuel in the world, and expectations of a recovery in demand with the expansion of vaccinations.

Source: National Iraqi News Agency