Oil rising in price amid production concerns

Global oil prices are rising on September 14 morning on concerns about production in Libya and the Gulf of Mexico, according to trading data and analysts’ comments, Report informs referring to Prime agency.

As of 9:02 (GMT+4), the price of November futures for Brent crude oil rose by 0.63 percent to $73.97 per barrel, while October futures for WTI oil grew by 0.71 percent, to $70.95 per barrel.

ANZ analysts told the Wall Street Journal that protesters in Libya closed Es Sider, its largest oil terminal, days after its restart following previous rallies and that this would affect prices.

In addition, according to their data, hurricane Nicholas is approaching the US state of Texas. The current trajectory of the hurricane indicates that refineries in Texas may fail, the experts added.