Oil prices expand after they enter U.S. stocks

Crude oil storage tanks will be on display in Cushing, Oklahoma, USA on April 21, 2020 at the Cush Oil Oil Center. REUTERS / Drone Base / File Photo

  • U.S. crude oil reserves fall as a result of Hurricane Ida
  • U.S. Gulf Coast companies will continue to recover when Nicholas returns

SINGAPORE, Sept. 16 (Reuters) – The world’s largest oil consumer in the United States fell sharply on Thursday after a sharp drop in oil prices.

Brent crude oil prices rose by $ 18 cents, or 0.2 percent, to $ 75.64 a barrel after adjusting by 2.5 percent last week.

West Texas Intermediate (WTI) confidence rose 18 cents or 0.3% to $ 72.79 after hitting 3.1% on Wednesday.

U.S. crude oil reserves have plummeted, as gas stations in the U.S. Gulf and coastal areas continue to recover from hurricanes.

According to Reuters, the raw material fell from 6.4 million barrels a week to 417.4 million barrels in September, compared to 3.5 million barrels.

ANH research analysts warned on Thursday that “data from the storm surge in the Gulf of Mexico will benefit OPEC.”

The hurricane caused a global drop in supply for the first time in five months, but the market is expected to return to normal in October, according to the Organization of Petroleum Exporting Countries (OPEC) and OPEC. He plans to increase supply. Read more

U.S. Gulf energy companies have also allowed Texas to redouble their efforts to repair more significant damage than Idaho, and have quickly restored pipeline services and electricity after passing through Texas. Read more

Nicholas caused minor flooding and power outages in Texas and Louisiana, where some refineries were shut down due to Category 4 Hurricane Ida.

Ida has closed much of the US Gulf offshore oil and gas production. According to the Bureau of Safety and the Environment, 30% of US Gulf production is closed by Wednesday. Read more

Report by Jessica Jaganatan and Roslan, Corrected by Richard ull Lynn

Our Standards – Thomson Reuters Principles.

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