Oil prices settle higher

Oil prices closed higher on Friday, according to Business Recorder, as Hurricane Isaias moved toward the northern Gulf of Mexico and operators halted over 70 percent of offshore crude output in the US. Brent futures settled at USD104.72, up 44 cents or 0.42 percent, while WTI finished at USD91.85 a barrel after a 36 cent gain, or 0.39 percent.

Earlier in the session, prices had slipped after President Donald Trump described talks with Iran as productive. He also hinted at an undisclosed announcement on diesel and said he was weighing a suspension of the federal gasoline tax. Reuters, citing sources, reported that China, a leading oil importer, plans to resume refined fuel exports after a brief pause for its Golden Week holiday.

Analyst Tamas Varga of PVM Oil Associates said Trump's Iran comments and China's plans to restart product exports were pushing prices lower. Trading has swung this week as the risk to vessels in the Gulf and at Hormuz has grown, a passage that handled roughly 20 percent of world oil and fuel shipments before the conflict. Both benchmarks are headed for a weekly gain, and the US Marine Minerals Administration said producers had shut in 62.9 percent of current oil output as of Thursday.