Oil prices rise, supply stagnates due to hurricane concerns

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%

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