TOKYO, Sept 18 (Reuters) - Oil prices drifted lower on Friday, pausing after three days of gains, as producers prepared to resume operations in the Gulf of Mexico and data showed Saudi Arabian exports rose from record lows.
Brent crude LCOc1 was down 6 cents at $43.24 a barrel by 0112 GMT, while U.S. oil futures CLc1 dropped 6 cents to $40.91 a barrel. Both contracts have risen sharply this week as Hurricane Sally cut U.S. production and are on track for a weekly gain of around 9%, the first in three weeks.
U.S. offshore drillers and exporters began a clearup on Thursday after Hurricane Sally weakened to a depression and started rebooting idle Gulf of Mexico rigs after closing the down for five days. were flown back to at least 30 offshore oil and gas platforms. Equinor EQNR.OL and Chevron Corp (NYSE: CVX ) CVX.N began returning staff to platforms in the Gulf of Mexico, following Murphy Oil Corp (NYSE: MUR )'s MUR.N restart this week.
"Now the storm has passed, we should start to see this production coming back online," ING Research said in a note.
In Saudi Arabia exports rose in July to 5.73 million barrels per day (bpd) from a record low the previous month, official data showed on Thursday. prices, OPEC and its allies said on Thursday the group will take action on members that are not complying with deep output cuts to support the market following a coronavirus-led slump in fuel demand. Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, making up the so-called OPEC+ group, are cutting 7.7 million barrels a day of output to support prices.
Add Chart to Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
- Enrich the conversation
- Stay focused and on track. Only post material that’s relevant to the topic being discussed.
- Be respectful. Even negative opinions can be framed positively and diplomatically.
- Use standard writing style. Include punctuation and upper and lower cases.
- NOTE: Spam and/or promotional messages and links within a comment will be removed
- Avoid profanity, slander or personal attacks directed at an author or another user.
- Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
- Only English comments will be allowed.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.