Significant decrease in the price of a barrel of oil

Brent crude futures lost more than a dollar on Friday, falling below $75 a barrel, and US West Texas Intermediate crude is trading below $72 a barrel, after settling at the settlement on Thursday.

Oil had started trading in stability with the return of more crude supplies in the US Gulf of Mexico in the wake of two hurricanes, while record contracts were heading to record weekly gains of about 4%.

Both crudes were on track to rise about 4% for the week, with Brent near a seven-week high and WTI from a six-week high, as production in the US Gulf of Mexico recovered slower than expected after Hurricane Ida hit Oil facilities were damaged in August, and Tropical Storm Nicholas hit the area this week.

And 28% of US crude production in the Gulf of Mexico was still suspended as of Thursday, two and a half weeks after Hurricane Ida struck.

Meanwhile, preliminary data from the US Energy Information Administration showed that US crude exports in September fell to between 2.34 and 2.62 million barrels per day from three million barrels per day in late August.

US crude futures have been trading around $70 a barrel for most of this month. The International Energy Agency said, on Tuesday, that the world will have to wait until October for additional oil supplies, as production losses from Hurricane Ida wipe out the OPEC + increases.

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.