Brent oil price starts to rise
Baku, Azerbaijan, Sept.6
By Leman Zeynalova – Trend:
World oil prices are rising, albeit slightly on Sept.6 in the aftermath of Hurricane Harvey.
The price for October futures of Brent oil has increased by 0.07 percent to $53.42 per barrel as of 08:06 (UTC + 4).
The price for October futures of West Texas Intermediate (WTI) grew by 0.21 percent and stood at $48.76 per barrel.
Hurricane Harvey has killed more than 40 people and brought record flooding to the US oil heartland of Texas, paralyzing at least 4.4 million barrels per day (bpd) of refining capacity, according to company reports and Reuters estimates.
Earlier, the International Energy Agency (IEA) said it does not see a need to respond to the consequence of Harvey, as the market is amply supplied.
“Oil stocks, both crude and products, are well above the five-year average, in the United States as well as globally,” said the IEA.
However, according to US JP Morgan analysis, the consequences of a major disruption on the US Gulf Coast will be felt in the pricing of oil product markets in Latin America and Europe and crude markets as far away as Asia.
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