Home / Market Update / Commodities / Oil Prices Resume Gains on Output Disruptions

Oil Prices Resume Gains on Output Disruptions

Oil prices returned to gains due to a number of support factors, led by the output disruptions in North America and Europe.

Brent crude futures are up by 2.02%, trading at $42.84 a barrel, while the US West Texas Intermediate (WTI) futures are up by 2% at $40.75 a barrel.

More than 80% of crude production in the Gulf of Mexico has reportedly been stopped due to Hurricane Delta, while a strike in Norway is also affecting output capacities.

Check Also

Yen Soars as Powell’s Remarks Spur Rate Cut Bets

The Japanese yen advanced sharply against the US dollar on Friday, as Federal Reserve Chair …