Investing.com - Oil prices were mixed on Friday, with U.S. crude futures sliding lower and Brent prices moving higher after data on Thursday showed a rise in U.S. stockpiles last week and as markets prepared for potential supply disruptions caused by Hurricane Irma.
The U.S. West Texas Intermediate crude October contract was at $48.95 a barrel by 06:40 a.m. ET (10:40 GMT), down 14 cents or about 0.29%.
Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London rose 28 cents or 0.51% to $54.77 a barrel.
U.S. oil futures were hit after the Energy Information Administration reported on Thursday that crude stockpiles rose more than expected last week, offsetting recent optimism on oil prices which has seen crude futures settle higher for three-straight days.
The build in crude stockpiles comes after heavy flooding due to storm Harvey knocked out nearly quarter of the U.S. refining capacity last week, lowering demand for crude oil, the primary input at refineries.
Market participants were turning their attention to Hurricane Irma on Friday. The category 5 storm was projected to hit Florida over the weekend.
One of the most powerful Atlantic storms in a century, Irma smashed a string of Caribbean islands Thursday night, killing 14 people.
Another Atlantic storm, Jose, was following on Irma’s heels and expected to gain in strength and intensify into a major hurricane on Friday, according to the U.S. National Hurricane Center.