After rising the day before, oil prices fell on Friday, but they were still on track for a second straight weekly increase as investors balanced the chance of widespread supply disruption in the event that Israel attacked Iranian oil sites against the impact of hurricane damage on US demand.
By 0430 GMT, the price of a barrel of Brent crude oil futures had dropped by 29 cents, or 0.4%. Crude oil futures for the US West Texas Intermediate fell 21 cents, or 0.3%, to $75.64 per barrel. It looked like both benchmarks would gain between 1% and 2% for the week.
“Geopolitical risks are driving the rebound in oil prices, which are continuing to extend their run week over week,” stated IG’s market strategist Yeap Jun Rong. However, he said that he had concerns about excessive crude inventories and a potential more gradual relaxation of the US Federal Reserve
