Brent crude rose to settle at US$1.47, or 2.3%, to $72.92. The session high was $73.15 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.58, or 2.3%, to $69.72. Both grades posted a small gain on the week. (File pic shows oil drilling in Russia)
NEW YORK: Oil rose to briefly top US$73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces.
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