Oil Prices Record Weekly Gains … Brent above $71

Oil prices fell at settlement on Friday after production resumed in the wake of Hurricane Francine and data showed a weekly increase in the number of oil rigs in the United States.

Brent crude futures fell 36 cents, or 0.5%, to $71.61 a barrel at settlement. U.S. West Texas Intermediate crude futures fell 32 cents, or 0.5%, to $68.65 a barrel.

Oil futures ended the week higher following huge hurricane-related gains early in the week, halting a series of losses.

Brent posted a rise of about 0.8% since last Friday's session, ending a 3-week weekly loss streak, while U.S. crude gains were about 1.4%.

Official data as of Thursday showed that Hurricane Francine halted almost 42% of oil production in the Gulf Coast region, which is pumping about 15% of U.S. production.

Crude prices were also affected by the number of U.S. oil rigs released by energy services group Baker Hughes, which reported the largest weekly increase in the number of oil and natural gas rigs in a year.