Oil prices rise by 1% due to supply disruptions

PTVPhilippines

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00:00Oil prices rose by 1%, driven by production disruptions in the U.S. Gulf of Mexico due to Hurricane Francine.

00:08Brent crude futures increased to $72.69 a barrel, while U.S. West Texas Intermediate futures reached $69.77 a barrel.

00:19The rise in prices is expected to end a streak of weekly declines, with Brent set for a 2.3% weekly gain and WTI a 3% gain.

00:31Analysts attribute the tighter oil market to ongoing supply issues in Libya and significant disruptions in the Gulf.

00:38Moreover, a weaker U.S. dollar has made oil cheaper for foreign buyers.

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