Gulf of Mexico oil operators are preparing to post their biggest weekly gains early Friday before the storm is expected to hit the Gulf over the weekend.
WTI Crude has risen 1.6.5 percent to $ 68.54 and Brent Crude to $ 72.13 and 1.49 percent respectively.
Despite falling back on Thursday, for the first time in weeks, China saw a 9% gain in oil prices on Friday with a 9 percent higher interest rate, with Zero-marked Covi cases earlier this week.
Earlier this week, weak dollar investors’ fears of rising food demand have recovered from a long-term loss of seven consecutive quarters since 2019, supporting a 5% jump in oil prices on Monday.
On Tuesday, Brent’s fast-paced crude price returned to more than $ 70 due to a major cut in support of Mexico’s oil prices. On Sunday, five workers were killed and six others were injured in a shootout at the Mexican state oil company Pamex.
The platform and 125 wells went offline, reducing Mexico’s crude oil production by 421,000 barrels (BPD) per day, or about a quarter of the country’s production.
As expected by the EIA, crude oil and gas reserves are expected to support higher oil prices on Wednesday, and the stronger US dollar on Thursday.
Oil was revived early Friday, including the displacement of workers from the coastal platform and the closure of production by major oil companies in the Gulf of Mexico.
The Petroleum Market will be attending the Jackson Hole Summit to see signs of the federation’s intention to dismantle the stock market, but the key event for oil prices will be the OPEC + meeting next week, September 1.
ING strategists Warren Patterson and Wenyu Yao said on Friday that “OPEC + is getting some relief from last week’s slowdown in oil prices.” Continue to believe that Policy & OPEC + will reduce supply cuts by 400,000 bpd in September.
By Tsvetana Paraskova for Oilprice.com
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