Baku, Azerbaijan, Sept.8
By Leman Zeynalova – Trend:
World oil prices are rising on Sept.8 amid the report about a sharp decline in the US oil production over the last week due to the Hurricane Harvey.
The price for November futures of Brent oil has increased by 0.46 percent to $54.74
per barrel as of 06:17 (UTC + 4).
The price for October futures of West Texas Intermediate (WTI) grew by 0.06 percent and stood at $49.12 per barrel.
US oil production dropped by almost 8 percent, from 9.5 million barrels per day to 8.8 million bpd, according to the report of the Energy Information Administration (EIA).
The WTI price was $47.32 per barrel on September 1, 2017, $0.33 under last week’s price but $2.93 over a year ago, according to the report.
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.
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.
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