Oil rallies towards $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rose towards $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. read more
Figures this week showed U.S. crude inventories fell to the lowest since September 2019.
"With the restart in offshore crude production lagging, the odds are that the Ida effect will still be felt in the coming weeks," said Stephen Brennock of oil broker PVM.
Brent crude rose $1.20, or 1.7%, to $72.65 by 0825 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.19, up $1.05 or 1.5%.
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