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Oil prices climb on supply issues
Oil prices rose today due to ongoing supply restrictions resulting from a potential storm in the Gulf of Mexico, which could disrupt oil production and refining. This comes despite American inventories declining by 2.09 million barrels last week. Brent crude increased to $101.63 per barrel, while West Texas Intermediate rose to $90.24. There are expectations that six offshore refineries in the Gulf, which produce about 50% of US refining capacity, could be affected. The market remains cautious about supply risks from the Middle East, despite Saudi Arabia's supply recovery, reaching 5.8 million barrels per day via the East-West pipeline, along with oil shipments from the region totaling around 12 million barrels in recent days.
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