Oil prices head for 10pc weekly jump

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London

Oil prices fell on Friday, erasing an earlier rise, but still both benchmarks were on track for their biggest weekly gains since early June on the back of supply cuts caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway. Brent LCOc1 was down $0.31 at $43.03 a barrel by 1219 GMT. US West Texas Intermediate (WTI) crude CLc1 fell $0.34 to $40.85. Both contracts are on track for weekly gains of about 10% this week, the first rise in three weeks. Brent’s six-month contango, a market structure where the front-month Brent futures are trading at a discount to later contracts implying current oversupply, has shrunk to around $1.90 a barrel from $3.24 less than a month ago.—Agencies