Oil prices rise in Asian trading
Brent set to rise 1.7 weekoverweek, WTI set to gain over 2
Supply disruptions from Hurricane Francine support prices
Demand jitters pushed benchmarks to multiyear lows this week

Sept 13 Reuters Oil prices rose on Friday, extending a rally sparked by output disruptions in the U.S. Gulf of Mexico, where Hurricane Francine forced producers to evacuate platforms before it hit the coast of Louisiana.

Brent crude futures rose by 32 cents, or 0.44, to 72.29 per barrel by 0619 GMT. U.S. West Texas Intermediate crude futures rose by 34 cents, or 0.49, to 69.31 a barrel.

If those gains hold, both benchmarks will break a streak of weekly declines, despite a rough start that saw Brent crude dip below 70 a barrel on Tuesday for the first time since late 2021. At current levels, Brent is set for a weekly increase of about 1.7, and WTI is set to gain over 2.

A previous dip to an almost threeyear low called for some nearterm breather to end the week, as market participants price in for the disruptions to shortterm oil supplies caused by Hurricane Francine, said IG market strategist Yeap Jun Rong in an email.

Oil producers assessed damage and conducted safety checks on Thursday, preparing to resume operations in the U.S. Gulf of Mexico as estimates emerged of the loss of supply from Francine.

UBS analysts forecast output in the region in September will fall by 50,000 barrelsperday bpd monthovermonth, while FGE analysts estimated a 60,000 bpd…