Oil prices declined on Monday after a previous rise but remained set for a second consecutive weekly gain. Brent crude fell 29 cents to $79.11 a barrel, while US West Texas Intermediate (WTI) crude dropped 21 cents to $75.64 a barrel. Both benchmarks are expected to post weekly gains between 1% and 2%.
Hurricane Milton, which hit the US on Thursday, may reduce fuel consumption in affected areas. The hurricane left millions without power and caused significant damage in Florida.
Crude prices have been rising since Iran fired rockets at Israel on October 1. There is concern that Israel might retaliate by targeting Iranian oil facilities. The Gulf states are reportedly pressuring Washington to prevent such attacks, fearing retaliation from Tehran.
Meanwhile, Libya’s National Oil Corporation reported that production has returned to 1.22 million barrels per day, nearing pre-crisis levels.
