_1777294237270_124456903.png&w=64&q=75){kind=small}
Oil hikes on supply tensions
Oil prices rose today as the market balanced supply constraints caused by a potential storm heading toward oil-producing regions in the Gulf of Mexico, ongoing geopolitical tensions, and a recovery in supplies from the Middle East. The price of Brent crude increased by 1.04% to reach $101.63 per barrel, while West Texas Intermediate rose by 0.89% to $90.24. The storm expected to hit Gulf of Mexico oil production facilities could cause disruptions in production and refining, impacting U.S. oil inventories, which declined by 2.09 million barrels last week. Officials also confirmed that Saudi Arabia's pipeline has reached a pumping rate of 5.8 million barrels per day, with around 12 million barrels of oil shipped daily from the Middle East in recent days.
Notice: This Is an AI-Generated Summary
Comments (0)