Oil holds above $75 as storm-hit U.S. supply returns slowly

Brent oil futures dipped on Friday but held above $75 a barrel, remaining on track for weekly gains of more than 3% thanks to the slow recovery in output after two hurricanes in the U.S. Gulf of Mexico.

Brent crude futures fell 27 cents, or 0.36%, to $75.40 a barrel by 0838 GMT, erasing Thursday`s 21 cent gain.

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https://www.reuters.com/business/energy/us-gulf-crude-oil-ramps-up-after..., two-and-a-half weeks after Hurricane Ida hit.

"It`s still taking longer than people thought in terms of that coming back. That has been a supportive factor in the market," said Commonwealth Bank commodities analyst Vivek Dhar.

"We`re going to go into more (supply) deficit conditions - that certainly seems to be the view."

Preliminary data from the U.S. Energy Information Administration showed U.S. crude exports in September have slipped to between 2.34 million barrels per day (bpd) and 2.62 million bpd from 3 million bpd in late August.