Meanwhile, Storm Isaac, a second hurricane hurtling across the mid-Atlantic, could pose an even bigger threat to oil supplies if it makes landfall on the Gulf of Mexico - a main hub for United States refinery and production.
USA production jumped in recent years because of techniques including hydraulic fracturing, or "fracking", which is the use of chemicals, sand, water and high pressure to crack rock formations deep below ground, releasing more oil and natural gas.
U.S. President Trump said on Twitter on Thursday that the United States holds the upper hand in talks. The pace of drilling slowed after oil prices tumbled starting in 2014, but roared back as operators learned to produce oil more efficiently and crude prices rebounded.
For the week, November WTI crude oil settled at $68.77, up $1.22 or +1.81%.
"There was a lot of factors that were causing it to drift lower", said Bob Yawger, director of futures at Mizuho in NY.
U.S. West Texas Intermediate crude oil was one of the most active futures contracts last week.
Arsenal boss Unai Emery sends message to Mesut Ozil after Newcastle goal
Assessing the former Sampdoria player's performance and the team overall Emery said: "I want to give every player confidence". We want to give them confidence and also push them. "In the second half, the balance on the pitch was better".
Hurricane Florence makes landfall in Carolinas, threatens catastrophic flood
It was expected to begin pushing its way westward across SC later in the day, in a watery siege that could go on all weekend. New Bern Mayor Dana Outlaw told The Herald-Sun around 5 a.m. that about 200 people had been rescued so far.
Former PM Mulroney urges Ottawa to make a deal on NAFTA
A spokesman for Freeland said on Monday that no decisions on whether she would return to Washington later this week had been made. President Donald Trump said at the White House that trade talks with Canada were going well and that Ottawa wants to make a deal.
Oil prices on both sides of the Atlantic are reporting moderate gains, likely due to oversold Intraday technical indicators, although the fears that escalating trade disputes could dent demand are keeping the gains under check.
"Prices remain well supported as the market continues to fret about ongoing structural supply issues elsewhere", ANZ Research said in a note.
According to the International Energy Agency, the global demand for oil will exceed 100 million barrels per day in the next few years.
The U.S. Energy Information Administration (EIA) said on Tuesday that the U.S. likely surpassed Saudi Arabia and Russian Federation earlier this year to become the world's top crude oil producer. The first row of new sanctions against Iran were put in place in August, while more hard-hitting sanctions against the country's energy sector will take effect on November 4. Indian refiners, traditionally major buyers of Iranian crude, will cut their monthly crude loadings from Iran for September and October by almost half from earlier this year.
China will not buckle to USA demands in any trade negotiations, the major state-run China Daily newspaper said in an editorial on Friday, after Chinese officials welcomed an invitation from Washington for a new round of talks.
Following Chinese President Xi Jinping's call for a boost to national energy security amid trade tensions, the country's crude oil output rose in August for the first time in almost three years.