At the auction on Wednesday, oil prices show a permanent rise after Tuesday's fall due to the strengthening of the US dollar and concerns about the recovery of demand. On Wednesday, the main incentive for the black gold market is the gradual resumption of production in the Gulf of Mexico.
So, at the time of writing, the price of Brent crude futures for delivery in November increased by 0.18% and amounted to $ 71.82 per barrel. The day before, these contracts lost 0.73% and fell to $ 71.69 per barrel.
The price of October WTI futures increased by 0.38% and reported $ 68.61 per barrel. Following the trading results on Tuesday, the value of these contracts sank by 1.36% to $ 68.35 per barrel.
Today, investors and market experts are assessing the pace of recovery of raw material production in the US Gulf of Mexico against the background of attempts by oil producers to resume work after Hurricane Ida.
According to the latest media reports, about 79% of the black gold production capacity in the Gulf of Mexico remains suspended as of Tuesday. Analysts say that today, due to the natural disaster, the oil market has already lost more than 17 million barrels of raw materials.
Recall that Hurricane Ida hit the state of Louisiana in the last days of August, later crossed the country, and provoked heavy flooding on the eastern coast of the States, which led to serious disruptions in oil supplies.
Another important event that remains in the focus of attention of black gold market participants is the future publication of data from the American Petroleum Institute (API) on raw material reserves in the country. In addition, on Thursday, the US Department of Energy will release information on commercial reserves of oil, gasoline, and distillates following the results of the past week.
