Oil recovers as tight US supplies offset China reserves sale plan

SINGAPORE (Reuters) – 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 nearly 1% after China announced plans to sell crude from its strategic reserves.

Brent crude futures for November rose 63 cents, or 0.9%, to $72.08 a barrel by 0624 GMT. U.S. West Texas Intermediate (WTI) crude futures for October was at $68.65 a barrel, up 51 cents, or 0.8%.

Brent is headed for a second straight weekly loss.

Both contracts fell more than 1% on Thursday to settle at their lowest since Aug. 26 after China said it would release crude oil reserves