Oil falls as US supply fears ease
Oil prices fell on Friday, deepening losses for the second day and gave up a 6-week high on profit-taking, as fears over production delay in the Gulf of Mexico region eased.
US crude fell 0.7% to $72.03 barrel, after opening at $72.53, and hit a high at $72.69, and Brent crude fell more than 0.6% to $75.16 a barrel, after opening at $75.62, and hit a high at $75.75.
The US crude lost 0.1% yesterday, the first daily loss in 5 days, on profit-taking from a 6-week high at $73.11, and Brent fell less than 0.1%, after hitting the highest since July 29 at $76.10.
After 2 weeks since Hurricane Ida and the Tropical Storm Nicholas hit the Gulf of Mexico this week, US production is recovering near its normal levels.
Production rose by 25% during the last few days, with the region’s total production rising to 75%, with 0.25% of production suspended but expected to resume after the weekend.
Gulf of Mexico encompasses 17% of the US total production, which was 11.5 million bpd before Hurricane Ida, and is currently around 11.1 million barrels per day.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1601
|
-0.0011
|
0.0943%
|
|
|
|
|
1.3737
|
-0.0032
|
0.2342%
|
|
|
|
Tadawul
|
11807.79
|
-43.89
|
0.37%
|
|
|
|
|
24.067
|
-0.408
|
1.669%
|
|
|
|
|
82.241
|
-2.686
|
3.163%
|
|
|
|
|
84.25
|
-2.17
|
2.51%
|
|
|
|
|
1795.595
|
-8.450
|
0.468%
|
|
