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% |