Oil prices climb nearly 1% amid US supply concerns

21/09/2021 Argaam

Oil rigs


Oil prices rose on Tuesday, recovering from the nearly 2% slump in the previous session, as production in US Gulf of Mexico remained affected and ahead of the US Federal Reserve meeting.

 

The international benchmark Brent crude was trading up 0.9% at $74.55 per barrel, at 8.05 am Makkah time.

 

WTI crude rose 0.9% to $70.90 per barrel.

 

Global utilities are switching to fuel oil due to rising gas and coal prices, and lingering outages from the Gulf of Mexico after Hurricane Ida that imply less supply is available, Reuters reported, citing ANZ analysts.

 

"While slowing Chinese economic growth and uncertainty around the Fed's tapering timetable weighed on market sentiment, other developments still point to higher oil prices," ANZ Research said in a note.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.