Register
Demo
Contacts
 

Stock market analytics, financial forecasts

Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Oil price exceeds $73 due to hurricane disruptions

September, 03 2021
watermark Economic news

On Friday, crude oil prices rose above $ 73 a barrel. The reason for the growth was the message that it may take longer than anticipated to resolve disruptions in the operation of the energy complex in the Gulf of Mexico. About three quarters of offshore production is still not functioning.


The current Brent quotation is $ 73.15 per barrel, the price of WTI oil is $69.95.


Additional support to prices was provided by data on oil reserves in the United States. According to a report from the Ministry of Energy, over the past week, hydrocarbon reserves in the country decreased by 7.2 million barrels. The decline has been noted for the third week in a row.


Analysts note that petroleum product inventories are generally at their lowest for this period of the year since 2018, while refining capacity in Louisiana continues to slowly recover.


Moreover, yesterday, US President Joe Biden ordered Energy Secretary Jennifer Grenholm to use the strategic oil reserve to combat the surge in fuel prices in the country caused by Hurricane Ida.


World-Class Trading Platform

Professional Customer Support

Best Execution

Logo

QUICK LINKS

+ 442 030 976 697
Contact Us
Feedback
twitter

ForexMart is authorized and regulated in various jurisdictions.

(Reg No.23071, IBC 2015) with a registered office at Shamrock Lodge, Murray Road, Kingstown, Saint Vincent and the Grenadines

Restricted Regions: the United States of America, North Korea, Sudan, Syria and some other regions.


© 2015-2024 Tradomart SV Ltd.
Top Top
Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.