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[size=36]Oil near its highest level in 6 weeks[/size]
Economy | 09:27 - 12/07/2019
Follow - up - the balance of News
Oil prices rose on Friday, as it hovered near its highest level in six weeks while reducing oil producers in the US Gulf of Mexico production by more than half in the face of a tropical storm as well as the continuing tension in the Middle East.
London Brent crude futures rose 29 cents, or 0.4 percent, to $ 66.81 a barrel by 0300 GMT.
Brent fell 0.7 percent on Thursday after hitting its highest level since May 30 at $ 67.52 a barrel.
US West Texas Intermediate crude futures rose 31 cents, or 0.5 percent, to $ 60.51 a barrel, after hitting their highest since May 23 at $ 60.94.
By Thursday, oil companies had halted production of more than 1 million barrels per day (bpd) of oil, accounting for 53 percent of the Gulf of Mexico's output, as tropical storm Bari, expected to hit land on Saturday, hit the Louisiana coast.
The storm is expected to become a Category 1 hurricane with winds of up to 119 kilometers per hour.
Oil prices rose on Friday, as it hovered near its highest level in six weeks while reducing oil producers in the US Gulf of Mexico production by more than half in the face of a tropical storm as well as the continuing tension in the Middle East.
London Brent crude futures rose 29 cents, or 0.4 percent, to $ 66.81 a barrel by 0300 GMT.
Brent fell 0.7 percent on Thursday after hitting its highest level since May 30 at $ 67.52 a barrel.
US West Texas Intermediate crude futures rose 31 cents, or 0.5 percent, to $ 60.51 a barrel, after hitting their highest since May 23 at $ 60.94.
By Thursday, oil companies had halted production of more than 1 million barrels per day (bpd) of oil, accounting for 53 percent of the Gulf of Mexico's output, as tropical storm Bari, expected to hit land on Saturday, hit the Louisiana coast.
The storm is expected to become a Category 1 hurricane with winds of up to 119 kilometers per hour.
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