Oil prices rise on slower supply return in Gulf of Mexico

08/09/2021 Argaam

Oil rig

Oil prices rose on Wednesday amid slow resumption of production in the US Gulf of Mexico in the wake of Hurricane Ida.

 

The international benchmark Brent crude was trading up 0.6% at $72.10 per barrel, at 9.00 am Makkah time.

 

WTI crude rose 0.7% to $68.82 per barrel.

 

About 79% of US Gulf production remained offline on Tuesday, Sept. 7, with 79 production platforms still unoccupied more than a week after Hurricane Ida made landfall.

 

"The market is ... weighing up the impact of ongoing delays to the resumption of operations in the Gulf of Mexico," Reuters reported, citing a note from ANZ Research analysts.

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