Oil prices fell slightly on Friday as the risk of a hurricane in the Gulf of Mexico affecting U.S. oil and gas production diminished as the market continues to weigh how President-elect Donald Trump's policies could affect supplies.
Brent crude oil futures fell 26 cents, or 0.3 percent, to $75.37 a barrel by 0209 GMT. U.S. West Texas Intermediate (WTI) crude oil gained 35 cents or 0.5% to $72.01. Benchmark indices fell after rising nearly 1% on Thursday.
For the week, Brent is expected to gain 3.1% while WTI is expected to rise 4.1%.
Hurricane Rafael, which shut down 391,214 barrels per day of crude oil production in the United States, is expected to move slowly west over the Gulf of Mexico and away from U.S. fields while weakening beginning Friday and throughout the weekend, the U.S. National Hurricane Center said.
Prices corrected Friday after being supported Thursday by expectations that the new Trump administration could tighten sanctions on Iran and Venezuela, which could limit supply, although a strong dollar and imports of Lower crude oil prices in China limited gains.
A strong dollar makes oil more expensive for other currency holders and tends to weigh on prices.
Downward pressure was also put on by data showing that crude imports into China, the world's largest oil importer, fell 9% in October, the sixth straight month of year-on-year declines, as well as by an increase in crude stocks in the United States.
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