WASHINGTON (dpa-AFX) - Oil prices edged lower on Friday but were on course for a second straight weekly gain on concerns about crude oil supply disruptions stemming from tensions in the Middle East and West Asia.
Benchmark Brent crude futures fell about 1 percent to $78.64 a barrel in European trade, after having surged nearly 4 percent on Thursday, driven by increased U.S. fuel consumption ahead of Hurricane Milton's impact on Florida. WTI crude futures were down 0.8 percent at $75.22.
Florida is recovering from Hurricane Milton, which left at least 16 people dead and caused widespread damage, including power outages and flooding.
On the geopolitical front, the Israeli military has killed 22 people in Beirut and wounded 117 in a series of airstrikes launched on Thursday.
Arab states are reportedly lobbying U.S. to stop Israel from attacking Iran's oil sites, fearing that Tehran may retaliate by striking their own oil infrastructure in the region.
Meanwhile, traders looked ahead to a weekend press briefing from China's finance minister, where details on the country's fiscal policy adjustments geared towards fostering economic revival will be revealed.
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