The price of oil closes a record week for 2021

Oil prices climbed Friday the day after a short break and ended a record week for 2021.

A barrel of North Sea Brent for October delivery ended at $ 72.70 in London, up 2.29% or $ 1.63 from Thursday’s close.

In New York, WTI’s US barrel for the same month gained 1.95%, or $ 1.32, to $ 68.74.

The two benchmark contracts on both sides of the Atlantic garnered more than 10% over the week, a performance more seen for nearly a year for WTI, in September 2020, and even more for Brent, in June 2020.

He noted that this trend reversal in crude prices this week echoed “the huge decline of the week before”.

The fire at an oil rig on Sunday in the Gulf of Mexico forced the Pemex group to stop operating the 125 wells in the area.

A return to normal was announced around August 30 by the boss of Pemex. But production in the Gulf of Mexico could also be disrupted by the ninth climatic event of the season, which took the name Ida.

The group must assess its current policy, decided on July 18, namely to continue to modestly increase its production after drastically reducing it last year to counteract the fall in demand and prices, in the midst of the coronavirus pandemic.

KL

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