“Ida” raises oil prices to $ 73


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“Ida” rises oil prices to $ 73, today, Sunday, September 12, 2021 12:27 am

“Ida” raises oil prices to $ 73Posted in Okaz on 09-12-2021

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Oil rose and for some time exceeded $ 73 a barrel, in its last trading, supported by increasing indications of a reduction in supplies in the United States; Due to Hurricane Ida, riskier assets receive a boost from US-China trade hopes.
Brent crude rose at the settlement of $ 1.47, or 2.3%, to $ 72.92. The session peak was at $73.15 a barrel. West Texas Intermediate crude rose $1.58, or 2.3%, to $69.72.
The two grades recorded small gains during the week. Brent is up 41% this year; Thanks to the Organization of the Petroleum Exporting Countries (OPEC) production cuts and some recovery in demand from the pandemic. Oil and stock markets were also supported by news of a phone call between Chinese President Xi Jinping and US President Joe Biden that raised hopes for improved relations and more global trade, according to analysts.
Baker Hughes Energy Services said the United States increased the number of oil rigs in the latest week, indicating that production could rise in the coming weeks. The focus this week will be on revisions to oil demand forecasts for 2022 from OPEC and the International Energy Agency.

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