Oil prices rise due to the suspension of production in the Gulf of Mexico

Oil prices rise due to the suspension of production in the Gulf of Mexico

Oil prices rise due to the suspension of production in the Gulf of Mexico

TOKYO (Reuters) – Oil prices rose on Monday as a tropical storm in the Gulf of Mexico forced companies to evacuate rigs and suspend production. At the same time, concerns about oversupply and falling fuel demand limited the rise in prices.

Futures for Brent crude oil rose 0.28% to $ 39.94 a barrel by 09:00 Moscow time, WTI – added 0.54% to $ 37.53 a barrel.

Tropical Storm Sally intensified in the Gulf of Mexico west of Florida on Sunday and could be a Category 2 hurricane.

The commander of the Libyan National Army, Khalifa Haftar, has promised to end the blockade of oil infrastructure, which could lead to an increase in oil supplies to the market, but it is unclear whether oil fields and ports will start working.

“The announcement that the blockade of Libyan oil export terminals may be about to end will add to the worries of this week's OPEC + meeting,” said Jeffrey Halley of OANDA.

OPEC + will meet on September 17 to discuss compliance with the terms of the restrictive deal, although analysts do not expect further cuts in oil production.

BP Plc (LON: BP) and Equinor ASA evacuated personnel from selected offshore platforms in the Gulf of Mexico on Sunday, following Chevron Corp (NYSE: CVX) and Murphy Oil Corp (NYSE: MUR) a day earlier.

(Aaron Sheldrick; Translated by Caleb Davis. Editor Marina Bobrova)

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