Oil prices settled lower on Friday, but recorded weekly gains mostly due to output disruptions in the Gulf of Mexico that resulted from Hurricane Laura. Brent crude futures for October delivery decreased by 4 cents, or 0.09%, and finished at $45.05 per barrel, rising by 1.6% for the week. The …
Read More »Oil Falls in Anticipation of a Limited Impact From Hurricane Laura
Oil prices fell on Thursday (August 27th) as the market expects a rapid recovery of production platforms that were shut down by a hurricane across the Gulf of Mexico and the US state of Louisiana. Brent crude futures for October delivery, which expire on Friday, fell 55 cents, or 1.2%, …
Read More »Oil Settles Lower After Three Rises
Oil prices finished Thursday lower, after rising for three consecutive days on the back of a draw in US crude inventories and output disruptions in the Gulf of Mexico due to hurricane Laura. Brent crude futures for October delivery decreased by 55 cents, or 1.2%, and closed at $45.09 per …
Read More »Hurricane Laura is The Biggest Threat to America’s Oil Production in 15 Years
After raising it to the fourth category, Hurricane Laura is classified as the biggest threat to US oil in 15 years, in light of the expected damage to the energy infrastructure in the region as the halt of US oil production in the Gulf of Mexico approaches its level during …
Read More »Oil prices stable as Gulf of Mexico Braces For Laura
Oil prices stabilized Thursday (August 27th) as a massive hurricane in the Gulf of Mexico affecting US oil industry, forcing oil drilling rigs and refineries to stop production. Brent crude futures for October delivery, which expire on Friday, rose 13 cents, or 0.3%, to $ 45.77 a barrel, after falling …
Read More »Oil Prices Struggle for Direction
Oil prices showed a mixed performance on Wednesday, after support from data showing the fifth consecutive weekly draw in US crude stockpiles was offset by negative demand forecasts. Crude prices, especially in the United States, remain supported by output disruptions in the Gulf of Mexico due to Hurricane Laura. Brent …
Read More »EIA: US Crude Oil Inventories Down by 4.7 M Barrels
Crude oil inventories in the United States declined for the fifth consecutive week, according to data by the US Energy Information Administration (EIA) on Wednesday. Oil stockpiles decreased by 4.7 million barrels last week to a total of 507.8 million barrels. On Tuesday, Estimates by the American Petroleum Institute (API) …
Read More »Oil Near Peak of 5 Months Thanks to the US Production Cut
Oil rose today, Wednesday, to about $ 46 a barrel, near the highest level since March, with the support of American producers stopping most of the offshore production from the Gulf of Mexico before Hurricane Laura and a report showing a decline in US crude stocks. But the gains were …
Read More »Brent Rises on US Production Cuts and Hopes of a Trade Deal With China
Brent crude prices rose on Wednesday, August 26th, supported by US producers halting most of the offshore production from the Gulf of Mexico before Hurricane Laura and optimism about Sino-US trade talks. Gains were limited by renewed fears about the Coronavirus pandemic, which reduced demand for fuel after reports of …
Read More »API: Larger Than Expected Drop in US Oil and Gasoline Inventories
Data from the American Petroleum Institute showed that inventories of both crude oil and gasoline in the United States recorded a larger-than-expected decline last week, while distillate stocks rose. Crude inventories fell by 4.5 million barrels in the week to August 21 to about 507.5 million barrels, while analysts had …
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