16 Days
Source:
البلاد
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Oil above $100 as storm disrupts US supplies
Oil prices continue to rise today, Wednesday, as the market assesses supply restrictions due to a potential storm in the Gulf of Mexico, which is expected to become the first hurricane in the Atlantic in 2026. Brent crude increased by 0.92% to reach $101.51 per barrel, while U.S. West Texas Intermediate rose by a similar margin to $90.25. The storm is forecasted to strike oil and gas production facilities in the offshore region that produces 15% of U.S. oil and 5% of natural gas, threatening supply stability. Meanwhile, U.S. oil inventories decreased by 2.09 million barrels last week amid rising oil exports from the Middle East, with ongoing tensions between Washington and Tehran continuing to impact the market.
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