Oil prices on Friday levelled off near a two-month peak of $77 per barrel and posting gains for the third week in a row due to concerns about supply disruptions around the world, as well as amid declining inventories.

The rally stalled after the first open sale of state-owned oil reserves in China.

Oil companies in the US are struggling to recover supplies to the East Coast after hurricanes damaged facilities on the Gulf Coast. Prolonged recovery from the devastation caused by Hurricane Ida and strong demand helped to reduce global oil inventories.

Brent crude prices could reach $ 80 a barrel by the end of September due to reduced reserves, lower OPEC+ production and increased demand in the Middle East, according to a note from analysts at UBS.