NEW YORK (Dispatches) - Oil headed for a back-to-back weekly gain as traders weighed the impact of Hurricane Ida on U.S. oil infrastructure, and ahead of key American jobs data.
West Texas Intermediate futures rose further on Friday and were 2.2% higher for the week. Exxon Mobil Corp. is tapping the U.S. Strategic Petroleum Reserve with more than 90% of the Gulf of Mexico’s oil production still shut after the hurricane, while Louisiana’s refineries are still reeling from the impact of the storm.