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Oil prices in the US are rising
Author:Mariusz Dasiewicz
Oil on the U.S. fuel market in New York City is slightly more expensive. Investors' attention is directed at reports of hurricane Delta, which threatens to extract oil in the Gulf of Mexico, reported by brokers.
The West Texas Intermediate oil bar in deliveries to XI at the NYMEX fuel exchange in New York City is valued at $40.01, higher by 0.15%.
Oil Brent in deliveries at XII on the ICE Futures Europe fuel exchange in London is valued at $42.13 per barrel, higher by 0.33%.
Hurricane Delta crossed the Mexican Yucatan Peninsula on Wednesday heading north. It is likely to hit the southern U.S. coast in the states of Louisiana and Mississippi on Friday.
Delta in hijackings reached a speed of over 160 kilometres per hour on Wednesday. The winds slightly weakened after hitting the Mexican coast, but the element is likely to strengthen again over the warm waters of the Gulf of Mexico.
As estimated by Thursday, speed windThis may exceed 180 kilometres per hour, which will mean a third-degree hurricane on the five-degree Saffira-Simpson scale.
Oil platform operators in the Gulf of Mexico reduced oil supply by about 80 percent in preparation for Delta's arrival.
It is forecast that Delta will pass on Friday on the Louisiana coast, some of which has already been ravaged by Hurricane Laura this year.
"Stopping oil production in the Gulf of Mexico is already at prices," says Ed Moya, senior market analyst at OANDA Corp.
"I expect limited increases in oil prices from current levels, but if returning to the normal operation of platforms from the Gulf of Mexico would take more than a week, then stronger movements of oil prices up are possible," he adds.
Meanwhile, oil supplies are growing in the United States.
Last week these reserves increased by 501,000 barrels, i.e. by 0.1% to 492,93 million barrels," the U.S. Department of Energy (DoE) reported on Wednesday. The market expected a drop in stocks of 1.2 million barrels.
Stocks of petrol fell by 1.44 million barrels at the time, i.e. by 0.6 percent to 226.75 million barrels.
The reserves of distilled fuels, including fuel oil, fell by 96 thousand barrels, i.e. by 0.6 percent to 171,8 million barrels," DoE said.
Oil in the US at Nymex stood at the end of the previous session by 1.8 percent, and Brent at ICE lost 1.6 percent.
Source: PAP
