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Oil Advances Towards $73

Adel 10 September, 2021 4:13 pm Commodities, Market Update

Oil rose towards $73 a barrel on Friday, supported by increasing indications of tight supplies in the United States as a result of Hurricane Ida, and hopes for trade between the United States and China boosted appetite for riskier assets.

About three-quarters of offshore oil production in the US Gulf region, or about 1.4 million barrels per day, has been shut down since late August.

Figures this week showed US crude stocks fell to their lowest level since September 2019.

“With the delay in the resumption of offshore crude production, the odds are that the impact of Ida will continue to exist in the coming weeks,” said Stephen Brennock of BVM Oil Brokerage.

Brent crude rose $1.20, or 1.7 percent, to $72.65. US West Texas Intermediate crude was $69.19, up $1.05, or 1.5%.

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