Oil prices lifted in US storm aftermath
Oil prices are on the up, having experienced sharp losses in the previous session, amid a supply squeeze caused by the destructive impact of Hurricane Ida.
Today, the NYMEX Crude Oil contract was lifted by 1.04 per cent climbing $0.73 to $71.02 and MCX Crude Oil jumped by 0.44 per cent to $5,233. Brent Crude Oil gained 1.03 per cent, hitting $74.66 per barrel, after dropping 1.2 per cent a day prior.
The uptick marks an end to days of losses for oil prices. It comes as the impact of Hurricane Ida, which destroyed offshore equipment and onshore oil and gas processing plants with 150 mile per hour wind speeds, continues to be felt by the energy industry.
About 18 per cent of the US Gulf’s oil and 27 per cent of natural gas production were offline yesterday the Bureau of Safety and Environmental Enforcement told Reuters.
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