Oil trades higher after signs show tight US supply

Oil prices rise Friday after numerous signs of scant oil supply in the US market, where hurricane Ida has shuttered operations along the Gulf of Mexico.

Photo: Jacob Ehrbahn

Crude prices still show signs of declining by roughly 1 percent this week after China announced plans to sell oil from its strategic reserves, Reuters reports.

A barrel of European reference oil Brent sells for USD 71.85 Friday morning against USD 72.95 Thursday afternoon. US counterpart West Texas Intermediate trades at the same times for USD 68.44 against USD 69.77.

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