Oil supply declined by 1% as hurricane-supplied U.S. supplies rebounded

Torsi oil and gas pump port appeared in Granom, Alberta, Canada on May 6, 2020. REUTERS / Todd Korol / File Photo

  • Oil is falling but it is still available about 3% per week
  • Slower post-EDA product strengthens recovery costs
  • The dollar index has reached a 3 week high

NEW YORK, Sept. 17 (Reuters) – Energy companies in the Gulf state of Mexico have resumed production by about 1% on Friday.

Due to hurricane disruptions, supply and demand in both Brent and U.S. raw materials were approximately 2.6% weekly.

Brent crude futures fell from $ 74.90 a barrel to 77 cents or 1% from 11:01 EDT (1501 GMT). West Texas Intermediate (WTI) crude futures fell 99 cents or 1.4% to $ 71.62 per barrel.

Friday’s fall came after five straight meetings for Brent. On Wednesday, Brent hit its highest level since the end of July, and the U.S. boldness hit its highest since the beginning of August.

“Oil prices have soared over the past few days because of clear cuts and downturns, so US oil production is recovering and trade prices are declining,” said Nishant Bushan, a analyst at Restad Energy.

After Hurricane Nicholas and Ida took 26 million barrels off the coast, the Gulf’s crude oil exports are resuming. The resumption of offshore production in the Gulf of Mexico has continued 28%, Reuters reported on Thursday. Read more

The dollar rose to three weeks on Friday, making the dollar more expensive for those who use other currencies. Thursday saw a better-than-expected increase in U.S. retail sales. (.DXY) Read more

Consumer sentiment has eased in early September after a ten-year low in early September, but a survey showed Friday that consumers are worried about inflation. Read more

Report by Stephanie Kelly in New York; Additional information: Julia Payne in London, Sonali Paul in Melbourne and Roslan Kassaineh in Singapore Edited by David Goodman, Louis Paradise and David Gregory

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