Oil prices slightly lower after hurricane weakened

Share this article:

Crude oil prices fell after hitting a four-week high after Hurricane Ida crippled much of U.S. crude oil production. Hurricane Ida, however, weakened to a Category 1 hurricane within 12 hours.

Meanwhile, investors are turning their attention to Wednesday’s upcoming OPEC+ meeting, which is expected to discuss an increase in output.

Brent crude oil futures are down 21 cents at $72.49 a barrel, or 0.3%.

WTI crude futures fell 50 cents, or 0.7%, to $68.24 a barrel.

Last week, both oil futures were up more than 10 percent as forecasts for oil production disruptions off the Gulf of Mexico coast were impacted by hurricanes.

According to the Office of Law Enforcement for Safety and the Environment, about 290 offshore oil platforms were evacuated late last week to avoid the risk of an attack by Hurricane Ida. Hurricane Ida was a Category 4 hurricane, which is extremely dangerous.

It affected more than 1.74 million barrels of crude oil per day, which is approximately 95% of U.S. crude oil production in the region.

The Spot Market is Open

Tuesday.31 Aug-2021

Metals

Updated at
USD

Bid/Ask
Ounce

Change


Low/High
Gold
06.00
1,810.00
1,811.00
-0.20
-0.01%
1,809.60
1,811.30
Silver
06.00
23.99
24.09
-0.01
-0.06%
23.99
24.09
Platinum
06.00
1,000.00
1,010.00
-1.00
-0.10%
1,000.00
1,011.00
Palladium
05.00
2,436.00
2,586.00
-5.00
-0.20%
2,436.00
2,590.00
Rhodium
05.00
16,400.00
18,400.00
0.00
0.00%
16,400.00
18,400.00
Energy

Updated at


Price


Change


%Change
Crude Oil
06.00

69.17

-0.04

-0.06%

Leave a Reply

Change Language
%d bloggers like this: