Oil prices were on track for a sharp weekly gain as concerns over tropical storm Barry hitting supply outweighed worries of a global supply glut.

New York-traded West Texas Intermediate crude futures gained 7 cents, or 0.1%, to $60.27 a barrel by 7:57 AM ET (11:57 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., traded up 22 cents, or 0.3%, to $66.74.

WTI oil and Brent have risen 4.8% and 3.9%, respectively, this week as Tropical Storm Barry continues to threaten production in the Gulf of Mexico where output has already been cut by more than half.

The storm, which could hit the Louisiana coast on Saturday, was forecast to become a category one hurricane with winds of at least 74 miles per hour.

Source: Investing.com