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 a weekly gain 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 34 cents, or 0.45%, to $75.33 a barrel by 1134 GMT.

U.S. West Texas Intermediate (WTI) crude futures were down 44 cents, or 0.61%, at $72.17 after settling unchanged in the previous session.

"The market is pausing for a breath. This week's supply-demand reports from OPEC and the IEA suggest that the balance of the year will be tight - demand is expected to grow and non-OPEC supply, partly because of Hurricane Ida, will get tighter," said PVM Oil Associates analyst Tamas Varga.