Oil prices registered early gains on Monday, due to the powerful hurricane affected the US Gulf coast forced halt the oil platforms and stopped oil production.
Last week on Friday, oil prices increased with the containment of the Delta COVID-19 variant in China and on possible disruptions to production in the Gulf of Mexico due to an approaching hurricane.
International benchmark Brent crude is trading at $71.68 at 06.30 GMT on Monday, posting more than an 1.40% loses from Friday when registered at $72.70 per barrel. The American benchmark West Texas Intermediate (WTI) traded at $68.36 at the same time on Monday.
The oil rig count in the US increases last week, according to the latest data released by oilfield services company Baker Hughes on Friday. The number of oil rigs, an indicator of short-term production in the country, increased by 5 to 410 for the week ending August 27 from 405 the previous week.
By Gulsen Cagatay