Oil Reverses Losses, as Tight U.S. Supplies Offset China Reserves Sales Plan

Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1% after China announced plans to sell crude from its strategic reserves.

Brent crude futures for November rose 44 cents, or 0.6%, to $71.89 a barrel by 0324 GMT.