Oil falls as US supply fears ease

2021-09-17 11:40:51 GMT (Economies.com)
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%
 
 
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