Fri, March 29, 2024

Oil and Petroleum Prices Inches Up After Hurricane Barry

Wibest – Petroleum: A close up shot of a crude oil refinery

Oil and petroleum products are expected to move upward following the resumption of production in the US Gulf of Mexico.

In the previous days, oil and petroleum production in Louisiana and the near region temporarily halted production in preparation for Hurricane Barry. Oil futures shortly declined during the storm.

Producers are now restoring output, oil workers have resumed their jobs and returned to their production platforms.

Crude oil WTI futures gained 0.27% or 0.16 points, barrels of the medium crude oil currently cost around 59.74 USD.

Benchmark Brent oil futures rose 0.29% or 0.19 points. A barrel of Brent oil presently trades at 66.67 USD.

Analysts are expecting that it will take several days or more for the full-blown resumption of oil productions in the US Gulf region in Mexico.

Meanwhile, the sudden increase in oil and petroleum output production in the United States had overburden prices preventing it from rallying.

US’ increase in oil output had skyrocketed the economic giant to become the biggest crude oil producer in the globe. Soon moving ahead of Saudi Arabi and Russia.

Oil Forecasts

Wibest – Petroleum: Barrels of crude oil stacked up together

Oil bulls are hoping for a rally of oil and petroleum products after a report from an energy consultancy agency.

According to the report, oil prices could hypothetically leap an extensive $15-20 per barrel if Tehran chooses to block the chokepoint of the Gulf.

Tensions between Iran and other countries may potentially push Iran to restrain passage in the Strait of Hormuz.

The report also said that if that scenario pushes through, interference by the United States forces could ease oil and petroleum prices.

Brent oil could also spike as high as $80-90 a barrel if Iran chooses to act radically. However, according to the report, it would easily lower down once the conflict ends and the United States and Iran negotiates.

 

YOU MAY ALSO LIKE

Wibest – NZD/USD: New Zealand dollar notes and coins.

Quick Look: NZD/USD drops below 0.6000 due to a stronger USD and

Dollar edges back from a 16-month peak

Quick Look: The dollar strengthens against major currencies before the crucial U.S.

Ford

Quick Look: CVA Family Office LLC snaps up 4,559 shares of Ford

COMMENTS

Leave a Comment

Your email address will not be published. Required fields are marked *

BROKER NEWS

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex

BROKER NEWS

Stock Report – stock exchange background – WibestBroker

Plus500 Expands Office Space in Haifa and Boosts Hiring

Plus500 has significantly expanded its Haifa office space and increased recruitment efforts across various departments. Local news source Walla reports the brokerage has leased an additional 5,800 square meters in the Gev-Yam complex in