Oil settled lower on Thursday, August 26, halting a three-day streak of gains amid renewed demand concerns due to rising coronavirus cases and with Mexico restoring some production after a fire disrupted supplies.<\/p>\n\n\n\n
The losses were limited due to the possibility of further disruptions to the supply side.<\/p>\n\n\n\n
Energy companies have prepared for the possibility of a severe storm hitting the US Gulf Coast this weekend.<\/p>\n\n\n\n
Brent crude settled down $1.18, or 1.6%, to $71.07 a barrel.<\/p>\n\n\n\n
US West Texas Intermediate crude settled down 94 cents, or 1.4%, to $67.42 a barrel.<\/p>\n\n\n\n
New delta-fueled coronavirus outbreaks have raised concerns about the strength of the global economic recovery.<\/p>\n\n\n\n
Analysts said that oil was also affected by a broader decline in stock markets later in the day.<\/p>\n\n\n\n
Mexico began restoring production after a fire on an offshore platform on Sunday halted more than 400,000 barrels per day of production.<\/p>\n\n\n\n
By Tuesday, state oil company Petroleos Mexicanos Pemex had restored 71,000 bpd of production and is expected to add another 110,000 bpd this week.<\/p>\n\n\n\n
Royal Dutch Shell, Chevron Corp, and other companies today began evacuating non-essential personnel from US offshore platforms in the Gulf of Mexico ahead of a storm expected to enter the Gulf this weekend.<\/p>\n\n\n\n
The Organization of the Petroleum Exporting Countries meets on September 1 to decide on its policy amid calls from the United States to increase supplies to the market to help the global economic recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"
Oil settled lower on Thursday, August 26, halting a three-day streak of gains amid renewed demand concerns due to rising coronavirus cases and with Mexico restoring some production after a fire disrupted supplies. The losses were limited due to the possibility of further disruptions to the supply side. Energy companies have prepared for the possibility …<\/p>\n","protected":false},"author":9,"featured_media":31064,"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":[38,36],"tags":[6944,6846],"class_list":["post-49988","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-market-updates","tag-eia","tag-oil"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/49988","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=49988"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/49988\/revisions"}],"predecessor-version":[{"id":49989,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/49988\/revisions\/49989"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/31064"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=49988"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=49988"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=49988"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}