Oil holds above $75 as storm-hit U.S. supply returns slowly | Reuters

Oil holds above $75 as storm-hit U.S. supply returns slowly | Reuters

Brent oil futures dipped on Friday but held above $75 a barrel, remaining on track for weekly gains of more than 3% thanks to the slow recovery in output after two hurricanes in the U.S. Gulf of Mexico.

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 previous session.

"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.