Oil prices today
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| Oil prices today |
Oil prices rose for the second day in a row, due to the market receiving support and stimulus from the decline in oil production in the United States of America, especially in the Gulf of Mexico, as a result of the damage caused by Hurricane Ida.
- Brent crude oil prices rose 26 cents, or 0.36%, to $72.86 a barrel.
- The price of West Texas Intermediate crude oil rose by 12 cents, or 0.17%, to $69.42 a barrel.
About 79% of US production in the Gulf was halted on Tuesday, and the market has so far lost about 17.5 million barrels of oil. Offshore wells in the Gulf of Mexico constitute about 17% of US production.
The US Energy Information Administration said on Wednesday that US crude production is expected to decline by about 200,000 barrels per day in 2021 to 11.8 million barrels per day, noting that Hurricane Ida will cause a greater decline than previous expectations of a production decline of 160,000 barrels per day.
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