Oil Posts Second Weekly Gain With U.S. Storm Impact Lingering
- Output, refining in America still reeling from Hurricane Ida
- Crude prices edge lower after U.S. jobs report disappoints
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Oil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl U.S. oil production, though prices edged lower Friday following a weak U.S. jobs report.
West Texas Intermediate futures capped a gain 0.8% for the week despite shedding 1% Friday. The deceleration in hiring reflects growing fears of the delta variant of Covid-19 and complicates a potential decision by the Federal Reserve to begin scaling back stimulus. Traders exiting positions ahead of the long weekend in the U.S. and Canada also exerted some downward pressure on prices Friday afternoon.