Oil prices vary on global markets

World oil prices on early Monday are varying amid different factors, according to trading data, Report informs.

The price of Brent crude oil November futures rose by 0.24% to $71.88 per barrel, and the price of October futures increased by 0.06% to $72.74. At the same time, October futures of WTI fell 0.23% to $68.58 per barrel.

On the oil market on early Monday, there are multidirectional dynamics. On the one hand, after a sharp rise in recent days (more than 10% in the last week alone), the correction factor contributes to the decline in oil prices. On the other hand, supply disruptions caused by Hurricane Ida have contributed to the positive trend.

According to analysts at the Commonwealth Bank of Australia, quoted by the Wall Street Journal, Ida has led to the cessation of production of 1.74 million barrels of oil per day in the Gulf of Mexico, which is equivalent to about 96% of production there, or 1.7% of the world oil supplies.