Oil price jumps on weather concerns in Gulf of Mexico

Brent crude futures settled up US$1.33, or 2%, to $66.44 a barrel, while U.S. West Texas Intermediate was at $63.54 a barrel, up $1.64, or 2.65%.

NEW YORK: Oil prices jumped 2% on Friday after three days of losses, driven higher as a storm formed in the Gulf of Mexico, but were on track for a weekly fall as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress a nuclear deal.

Brent crude futures settled up US$1.33, or 2%, to $66.44 a barrel, while U.S. West Texas Intermediate was at $63.54 a barrel, up $1.64, or 2.65%.