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Oil closes higher on Hurricane Harvey
Oil prices closed higher on Saturday after US oil companies announced they had withdrawn their workers on offshore drilling platforms and halted drilling on land in southern Texas due to Hurricane Harvey.
"Crude oil futures for the September delivery of the New York Mercantile Exchange rose 33 cents, or 0.70 percent, to trade at $ 47.76 a barrel," Reuters said.
Brent crude for October delivery rose 35 cents, or 0.67 percent, to trade at $ 52.38 a barrel.
Oil prices have been under pressure since the US Energy Information Administration's weekly report on Wednesday, but news of Hurricane Harvey's impact on oil production in the United States has pushed prices back higher. The hurricane has intensified since Thursday, possibly the most powerful hurricane in the United States in 12 years. The hurricane is now heading to areas between Houston and the coastal area of Corpus Christi, Texas.
The weekly report released on Wednesday showed crude oil inventories fell 3.3 million barrels last week, the eighth weekly decline in a row.
The Organization of the Petroleum Exporting Countries (OPEC) has approved an agreement, in cooperation with several of the largest oil producers from outside the Organization, led by Russia, which is currently the largest oil producer in the world, in November last year, aimed at reducing production by 1.8 million Barrels per day for the first six months of this year, and ended on June 30. At the end of its meeting on May 25, it approved the extension of the current production reduction agreement for a further period of 9 months until the end of March 2018, but without increasing the volume of these cuts.
http://economy-news.net/content.php?id=8790
Oil prices closed higher on Saturday after US oil companies announced they had withdrawn their workers on offshore drilling platforms and halted drilling on land in southern Texas due to Hurricane Harvey.
"Crude oil futures for the September delivery of the New York Mercantile Exchange rose 33 cents, or 0.70 percent, to trade at $ 47.76 a barrel," Reuters said.
Brent crude for October delivery rose 35 cents, or 0.67 percent, to trade at $ 52.38 a barrel.
Oil prices have been under pressure since the US Energy Information Administration's weekly report on Wednesday, but news of Hurricane Harvey's impact on oil production in the United States has pushed prices back higher. The hurricane has intensified since Thursday, possibly the most powerful hurricane in the United States in 12 years. The hurricane is now heading to areas between Houston and the coastal area of Corpus Christi, Texas.
The weekly report released on Wednesday showed crude oil inventories fell 3.3 million barrels last week, the eighth weekly decline in a row.
The Organization of the Petroleum Exporting Countries (OPEC) has approved an agreement, in cooperation with several of the largest oil producers from outside the Organization, led by Russia, which is currently the largest oil producer in the world, in November last year, aimed at reducing production by 1.8 million Barrels per day for the first six months of this year, and ended on June 30. At the end of its meeting on May 25, it approved the extension of the current production reduction agreement for a further period of 9 months until the end of March 2018, but without increasing the volume of these cuts.
http://economy-news.net/content.php?id=8790
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