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Oil Prices Settle Higher
More than 70% of crude output in US waters was shut, and benchmark futures climbed as shipping risks in the Persian Gulf added supply concerns.
- On Friday, October 9, Hurricane Isaias churned toward the northern Gulf of Mexico, forcing oil companies to shut down more than 70 per cent of crude production in US waters.
- According to the US Marine Minerals Administration, producers shut in about 1.3 million barrels per day, representing 62.9 per cent of current oil production in the Gulf.
- Brent crude futures settled at US$104.72, up 44 cents or 0.42 per cent, while West Texas Intermediate crude finished at US$91.85 a barrel, up 36 cents, or 0.39 per cent.
- Threats to shipping in the Persian Gulf and the Strait of Hormuz have increased, with these regions carrying shipments equal to about 20 per cent of global oil and fuel.
- President Donald Trump described discussions with Iran as "productive," while China plans to resume refined fuel exports following its Golden Week holiday, weighing on market sentiment.
Insights by Ground AI
11 Articles
11 Articles
Oil prices rose at the settlement yesterday night Friday, amid concerns about the disruption of supplies as Hurricane Isaias approached the north of the Gulf of Mexico, and the announcement by oil companies that more than 70% of crude production in American waters had been stopped.
·Syrian Arab Republic (the)
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Oil prices closed with a slight rise on Friday, in the face of the market’s fear of potential supply disruptions as Hurricane Isaiah approaches the south of the United States.
·Warsaw, Poland
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Coverage Details
Total News Sources11
Leaning Left1Leaning Right1Center4Last UpdatedBias Distribution67% Center
Bias Distribution
- 67% of the sources are Center
67% Center
L 17%
C 67%
R 16%
Factuality
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