WorldRising oil prices benefiting from lower U.S. crude production

Rising oil prices benefiting from lower U.S. crude production

AA / Istanbul

Oil prices have risen, having started trading Wednesday with a drop. Several contradictory factors still continue to support and penalize crude oil prices around the world, but the never-ending decline in US oil production works in favor of a rise in the price of a barrel.

Crude oil production capacity in the United States is still below normal by one million barrels per day, following damage from Hurricane Ida last week to energy facilities.

However, the rise in the dollar and fears about the state of global oil demand over the coming period, along with the acceleration of coronavirus infections, are restraining a larger rise in the price of oil.

As of 6:15 a.m. GMT, Brent crude oil futures prices, for delivery in November, rose 0.56%, or 40 cents, to $ 72.09 a barrel.

For their part, the prices of futures contracts on US West Texas Intermediate (WTI) crude, for delivery in October, also rose 0.67%, or 46 cents, to 68.81 dollars a barrel.

The dollar index rose in today’s trading 0.12% to 92.623 points.

* Translated from Arabic by Mounir Bennour.

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