Xinhua
14 Sep 2021, 02:00 GMT+10
NEW YORK, Sept. 13 (Xinhua) -- Oil prices climbed on Monday, as traders continued to worry about U.S. supplies in the wake of Hurricane Ida.
The West Texas Intermediate for October delivery added 73 cents to settle at 70.45 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased 59 cents to close at 73.51 dollars a barrel on the London ICE Futures Exchange.
The rise "is probably due to the still very slow normalisation of U.S. oil production in the Gulf of Mexico," Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.
"According to the competent U.S. authority, production outages two weeks after Hurricane Ida made landfall still amount to 1.1 million barrels per day, meaning that 60 percent of the normal production volume is missing," he said.
The U.S. Bureau of Safety and Environmental Enforcement on Monday estimated that approximately 43.6 percent of oil production in the Gulf of Mexico remained shut in, along with 51.61 percent of natural-gas production.
For the week ending Friday, U.S. crude benchmark gained 0.6 percent, while Brent advanced 0.4 percent, based on front-month contracts.
Get a daily dose of Mexico City Sun news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Mexico City Sun.
More InformationLONDON/NEW YORK CITY: American grocery bills may be headed higher as coffee and orange juice prices face upward pressure from new tariffs...
Forget dtente, Moscow must fight to the end Many now speak of humanity's drift towards World War III, imagining events similar to...
(Photo credit: Adam Cairns/USA TODAY Network via Imagn Images) The Columbus Crew extended defender Andres Herrera's loan from Argentina's...
(Photo credit: Adam Cairns/USA TODAY Network via Imagn Images) The Columbus Crew extended defender Andres Herrera's loan from Argentina's...
After much back-and-forth over several months, President Donald Trump announced on July 9, 2025, that he planned to levy a 50% tariff...
(250714) -- NEW JERSEY, July 14, 2025 (Xinhua) -- Cole Palmer (L) of Chelsea FC celebrates scoring with teammate Joao Pedro during...
LONDON, U.K.: American consumers and businesses could soon face the highest overall tariff burden in more than a century, according...
Washington DC [US], July 15 (ANI): US President Donald Trump reiterated his claim on Monday (local time) that he stopped the escalation...
Forget dtente, Moscow must fight to the end Many now speak of humanity's drift towards World War III, imagining events similar to...
The US-led bloc lacks both the funds and weaponry to prop up Kiev, Francois Chauvancy says Washington's plans to funnel more military...
(250714) -- BRUSSELS, July 14, 2025 (Xinhua) -- EU trade chief Maros Sefcovic attends a joint press conference in Brussels, Belgium,...
Sefcovic noted that the 27-country bloc is preparing potential countermeasures worth 72 billion euros. BRUSSELS, July 14 (Xinhua)...