By Shadia Nasralla
LONDON (Reuters) – Oil prices inched up on Friday, setting both benchmark contracts on track for their biggest weekly gains since early June, on the back of supply outages caused by a storm in the Gulf of Mexico and a strike of offshore workers in Norway.
Brent <LCOc1> was up 16 cents at $43.50 a barrel by 0748 GMT. U.S. West Texas Intermediate (WTI) crude <CLc1> rose 14 cents to $41.33.
Both contracts are on track for gains of around 11% this week, the first weekly rise in three weeks.
Brent’s six-month contango, a market structure where the front-month Brent futures are trading at a discount to later contracts implying current oversupply, has shrunk to around $1.90 a barrel from $3.24 less than a month ago.
Norwegian oil company and labour officials said they would meet with a state-appointed mediator on Friday in an attempt to bring