Oil prices going down on Sept.1
Baku, Azerbaijan, Sept.1
By Leman Zeynalova – Trend:
Oil prices began to fall on Sept. 1 after rising amid the decrease in oil production due to the hurricane Harvey.
The price for November futures of Brent oil has decreased by 0.30 percent to $52.70 per barrel as of 05:41 (UTC + 4).
The price for October futures of WTI dropped by 0.64 percent and stood at $46.93 per barrel.
Hurricane Harvey has killed more than 40 people and brought record flooding to the U.S. oil heartland of Texas, paralyzing at least 4.4 million barrels per day (bpd) of refining capacity, according to company reports and Reuters estimates.
The US Department of the Interior’s Bureau of Safety and Environmental Enforcement said that roughly 13.5 percent of oil production in the Gulf of Mexico was also shut in on Aug.31.
Follow the author on Twitter: @Lyaman_Zeyn