Crude oil prices rose this morning at 4.00 GMT. This is likely due to concerns about a disruption in oil supply as a hurricane is expected in the Gulf of Mexico.
Brent futures rose 98 cents, or 2.07%, to $71.63 per barrel.
WTI crude futures rose 93 cents, or 1.93%, to $68.72 a barrel.
This week, several oil platforms in the Gulf of Mexico began withdrawing workers. This means that drilling has been suspended as the storm is expected to hit the Gulf of Mexico over the weekend.
The storms that form in the Caribbean are expected to become powerful hurricanes that sweep across the Gulf of Mexico and Texas, potentially causing greater damage.
U.S. offshore crude oil production in the Gulf of Mexico accounts for 17% of production, dry natural gas production accounts for another 5%, and more than 45% of total U.S. refining capacity is located along the coast.
The Spot Market is Closed
Saturday.28 Aug-2021
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 04.00 | 1,816.80 1,817.80 | +24.20 1.35% | 1,785.00 1,819.20 |
| Silver 04.00 | 23.98 24.08 | +0.44 1.85% | 23.31 24.18 |
| Platinum 04.00 | 1,006.00 1,016.00 | +33.00 3.39% | 973.00 1,017.00 |
| Palladium 04.00 | 2,348.00 2,498.00 | +22.00 0.95% | 2,326.00 2,519.00 |
| Rhodium 04.00 | 16,400.00 18,400.00 | +100.00 0.61% | 16,300.00 18,400.00 |
| Energy Updated at | Price | Change | %Change |
| Crude Oil 06.00 | 68.67 | +1.23% | 1.85% |