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Admin Reporter- POOJA1

Sep 16 2020


Crude Oil Rate Rises As Hurricane Shuts US Production

Wednesday, 16 September 2020

Oil prices rose on Wednesday, extending gains from the previous session, as a hurricane disrupted US offshore oil and gas production and an industry report showed a big drop in US crude stockpiles. Brent crude was trading up 15 cents, or 0.4 per cent, at $40.68 per barrel by 0055 GMT (6:25 am in India), while US crude gained 18 cents, or 0.5 per cent, to $38.46 per barrel. Both contracts rose more than 2 per cent on Tuesday.

 

 

 


More than 25 per cent of US offshore oil and gas output was shut and export ports were closed on Tuesday as Hurricane Sally sat just off the US Gulf Coast."Our current estimate for the total outage associated with the Sally weather system is between 3 million and 6 million barrels of oil over approximately 11 days," Rystad Energy said in a note.

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