Oil rises on US supply disruptions risks

Oil drilling rigs

Oil closed higher today, Sept. 11, after data showed an increase in commercial oil inventories in the US by 800,000 barrels in the week ended Sept. 6—below expectations for a rise by 900,000 barrel. 

  

Brent crude futures for November delivery rose more than 2%, or $1.42, to close at $70.61 a barrel. 

 
WTI crude oil futures for October delivery rose by 2.35%, or $1.56, to $67.31 per barrel. 

  

Data from the US Energy Information Administration revealed that crude stocks at the Cushing delivery center—the largest storage center in the US—decreased by 1.7 million barrels last week to 24.7 million barrels, the lowest level since early November 2023. 

  

Meanwhile, fears of supply disruptions resurfaced due to Hurricane Francine, which disrupted about 24% of crude oil production and 26% of natural gas production in the US Gulf of Mexico. 

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
72.15
0.25 0.35%
Nymex
68.35
0.31 0.46%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2024, Argaam Investment, All Rights Reserved
Call Request