Black gold shines, a title that summarizes the movement of energy markets in the past weeks after energy companies were forced to withdraw large amounts of crude stocks due to disruptions in global production.
Brent crude prices rose for the third week in a row, reaching their highest level in three years, as Brent futures jumped 84 cents, or 1.1%, to settle at $78.09 a barrel, while US West Texas Intermediate crude rose 68 cents, or 0.9%, to end the week at $73.98. The highest level since July 2021.
Oil continues to gain as production was disrupted in the US Gulf Coast by Hurricane Ida in late August.
In the same regard, analysts reported that American oil refiners seeking to replace the shortage of crude from the Gulf of Mexico in the United States as a result of the hurricane… with Iraqi and Canadian oil, while Asian buyers are seeking to obtain Middle Eastern and Russian crudes.
Royal Dutch Shell, the largest producer in the US Gulf of Mexico, said damage to an offshore transportation facility would limit supplies of Mars high sulfur crude into early next year.
Which is used extensively by refiners in the US Gulf and companies in South Korea and China, the two most important destinations for US crude exports, according to Reuters.
The United States currently exports more than three million barrels of oil per day, mostly from the US Gulf Coast.