Global oil prices rose more than 1 percent on September 13 afternoon, and WTI crude exceeded $70 per barrel, while investors are assessing the balance of supply and demand in the wake of Hurricane Ida, trading data showed, Report informs referring to Prime agency.
The price of November futures for Brent crude rose by 1.17 percent, to $73.77 per barrel, while October futures for WTI crude rose by 1.39 percent, to $70.69 per barrel.
Hurricane Ida, which hit the US in late August, affected the oil industry. Oil production in the Gulf of Mexico has been suspended, and investors are now assessing the damage. At the same time, the continuing mitigation of restrictions related to the COVID pandemic all around the world is increasing the demand for fuel.
“The broader global oil-demand picture is showing signs of normalizing on the back of rising mobility trends,” said Stephen Brennock, an analyst at brokerage PVM Oil Associates. “As OPEC+ is firmly in control of supply, and maintaining its cautious stance, the crude market should continue to tighten further in the year-end period.”
Investors are also awaiting the publication of the OPEC report. Analysts believe the alliance is likely to revise its forecast for increased demand for next year downward, as the spread of the Delta strain still poses a threat to the recovery of fuel production.