Oil prices rise amid U.S. supply concerns

Xinhua
14 Sep 2021, 02:00 GMT+10

NEW YORK, Sept. 13 (Xinhua) -- Oil prices climbed on Monday, as traders continued to worry about U.S. supplies in the wake of Hurricane Ida.

The West Texas Intermediate for October delivery added 73 cents to settle at 70.45 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased 59 cents to close at 73.51 dollars a barrel on the London ICE Futures Exchange.

The rise "is probably due to the still very slow normalisation of U.S. oil production in the Gulf of Mexico," Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.

"According to the competent U.S. authority, production outages two weeks after Hurricane Ida made landfall still amount to 1.1 million barrels per day, meaning that 60 percent of the normal production volume is missing," he said.

The U.S. Bureau of Safety and Environmental Enforcement on Monday estimated that approximately 43.6 percent of oil production in the Gulf of Mexico remained shut in, along with 51.61 percent of natural-gas production.

For the week ending Friday, U.S. crude benchmark gained 0.6 percent, while Brent advanced 0.4 percent, based on front-month contracts.

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