Oil is ahead of U.S. labor reports as it struggles to recover from the U.S. storm

A sticker reads crude oil next to a storage tank in the Permanian Basin on November 22, 2019 in Texas, USA, Menton, Loving County, USA. REUTERS / Angus Mordant

  • Prices are mostly stable for the week
  • U.S. job report estimated
  • The U.S. Gulf Coast is struggling to recover after a hurricane

LONDON, Sept. 3 (Reuters) – Oil prices were largely stable on Friday due to renewed global demand, but earlier this week saw a slowdown in prices for exports to the US Gulf Coast and the center.

Brent crude futures rose by $ 73.25 per barrel or $ 0.3% at 0911 GMT, while the West Texas Intermediate (WTI) crude futures fell 5 cents to $ 69.94. Both reference oil contracts were generally stable for the week.

Analysts say the drop in WTI may be due to the fact that non-agricultural payrolls in the United States have fallen out of favor with existing traders on Friday. Read more

Demand for oil has been put on hold due to delays in reopening refineries in Louisiana. Read more

Oil Broker PVM

Given the region’s power outages and flooding, the U.S. demand for fertilizer may be longer than supply.

In the Gulf of Mexico, about 1.7 million barrels of oil are shut down a day, and damage to helicopters and oil depots is slowing workers to return to the beach, sources told Reuters. Read more

With oil exporters and OPEC + planning to add 400,000 barrels (bpd) per day to the market, some analysts are looking for more price opportunities as they look to strengthen raw materials and signal recovery. Over the next few months.

Edward Moya, chief market analyst at ODI, said:

For more information, please contact Roslan in Singapore and Sonali Paul in Melbourne; Edited by Richard ull Lin and David Evans

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