Oil prices rise as Brent settles at $104.72

Oil prices settled higher on Friday as Hurricane Isaias moved towards the northern Gulf of Mexico, prompting energy companies to shut down more than 70 percent of US offshore crude production.

Brent crude futures rose 44 cents, or 0.42 percent, to settle at US$104.72 a barrel, while US West Texas Intermediate (WTI) crude gained 36 cents, or 0.39 percent, to US$91.85 a barrel.