Oil slips as U.S. Gulf production reopens after storm

Oil prices fell on Friday following three straight days of gains as producers took steps to reopen production in the U.S. Gulf and Saudi Arabian oil exports rose from record lows.

Brent crude slid 6 cents to $43.24 per barrel, while U.S. oil futures fell 6 cents to $40.91 per barrel. Both contracts climbed sharply this week as Hurricane Sally slashed U.S. production and are set for a 9% weekly gain for the first time in three weeks.

U.S. offshore drillers and exporters began preparing the refiners for reopening after five days of closure due to Hurricane Sally. Crews were returned to at least 30 offshore oil and gas platforms in the U.S. Gulf. 

Saudi Arabian exports rose to 5.73 million bpd in July from a record low the last month, according to official data.

Meanwhile, OPEC and its allies said that it will take action on members who failed to comply with the agreed output cuts following a coronavirus-led decline in fuel demand.