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.<\/p>\n\n\n\n
Brent crude futures for October delivery, which expire on Friday, fell 55 cents, or 1.2%, to settle the settlement price at $ 45.09 a barrel. US West Texas Intermediate crude futures fell 35 cents, or 0.8%, to $ 43.04 a barrel.<\/p>\n\n\n\n
Hurricane Laura struck Louisiana early today, with winds of 240 kilometers per hour, damaging buildings and cutting off electricity to more than 400,000 people in Louisiana and Texas.<\/p>\n\n\n\n
On Tuesday, oil producers stopped 1.56 million barrels per day of crude production, or 84% of the Gulf of Mexico’s production, and evacuated 310 offshore facilities.<\/p>\n\n\n\n
BP said today that it is already preparing to return to its facilities in the deep waters of the Gulf of Mexico to detect any possible damage from the storm.<\/p>\n\n\n\n
Meanwhile, operations were halted by refining companies that process about 2.33 million barrels per day of crude oil, or about 12% of US refining capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"
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%, to settle the settlement price …<\/p>\n","protected":false},"author":9,"featured_media":33247,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[36],"tags":[7161,7160,6846],"class_list":["post-33288","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-market-updates","tag-hurricane","tag-laura","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33288","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=33288"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33288\/revisions"}],"predecessor-version":[{"id":33289,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/33288\/revisions\/33289"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/33247"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=33288"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=33288"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=33288"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}