Oil Caps Weekly Gain as Strengthening Storm Buoys Fragile Market - Bloomberg

Oil Caps Weekly Gain as Strengthening Storm Buoys Fragile Market - Bloomberg:

Oil capped its best week since mid-June as Tropical Storm Barry gained strength, approaching refineries in Louisiana and leaving deserted offshore platforms on its path.

Futures in New York gained 4.7% for the week after prices held above $60 a barrel for a third day on Friday. Forecast to make landfall as a hurricane early Saturday, Barry has already curbed about half of U.S. Gulf of Mexico production. 


Coupled with rising tensions between the U.K. and Iran, as well as a steep drop in American crude stockpiles, the storm helped offset concerns over weakening demand.

West Texas Intermediate crude for August delivery closed Friday 1 cent higher at $60.21 a barrel on the New York Mercantile Exchange. Brent for September settlement rose 20 cents, or 0.3%, to $66.72 a barrel on the ICE Futures Europe Exchange.