Oil prices trading flat

Global oil prices are trading flat on September 3 morning after Brent rose 12 percent since the start of the week, trading data show, Report informs referring to Prime agency.

As of 8:37 Moscow time, the price of November futures for Brent crude remained at $73.03 per barrel, October futures for WTI fell by 0.19 percent to $69.86 per barrel.

On September 3 morning, the oil market showed weak dynamics after crude rose in price following four previous trading days. Brent crude rose in price by 12 percent, and WTI crude increased by 10 percent. Various factors contributed to the rise in prices, including Hurricane Ida, which affected nine refineries in Louisiana. However, the hurricane has now eased to a tropical depression.

According to Rystad Energy analysts, quoted by the Wall Street Journal, oil producers in the US Gulf of Mexico resumed operations after the hurricane.

Oilfield services company Baker Hughes this evening will release data on the number of operating oil rigs in the US.