Oil steadies after week of heavy losses

LONDON, Sept 9 (Reuters): Oil futures edged up on Monday as the risk of production disruptions from a potential hurricane approaching the U.S. Gulf Coast helped prices steady after last week's heavy losses.
Brent crude was up 16 cents, or 0.23 per cent, to $71.22 a barrel at 1315 GMT while West Texas Intermediate crude futures were 19 cents, or 0.28 per cent, higher at $67.86.
Brent prices had fallen in each of the past six trading sessions, shedding more than 11 per cent, or nearly $9 a barrel, to register the lowest closing price since December 2021 on Friday.
Analysts said Monday's rebound was partly in response to a potential hurricane near the U.S. Gulf Coast, while Libyan supply disruption has also been supporting prices.
Libya's NOC late last week declared force majeure on several crude cargoes loading from the Es Sider port, with oil production curtailed by a political standoff over the central bank and oil revenue, four trading sources with knowledge of the matter told Reuters.
A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday. The U.S. Gulf Coast accounts for about 60 per cent of U.S. refining capacity.
"A small recovery in prices is under way this morning, inspired by hurricane warnings that might threaten the U.S. Gulf Coast, but the wider conversation remains on where demand will come from and what OPEC+ can do," said PVM analyst John Evans.
The OPEC+ oil producer group last week agreed to delay a planned output increase of 180,000 barrels per day for October by two months in reaction to tumbling crude prices.