Oil prices set for second weekly gain

Oil prices retreated on Monday after rising in the previous session, but were still on track for a second straight weekly gain as traders assessed the impact of Hurricane Milton’s damage on U.S. demand.

Brent crude futures fell 29 cents, or 0.4%, to $79.11 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 21 cents, or 0.3%, to $75.64 a barrel.

Both benchmarks were set for weekly gains of between 1% and 2%.