{"id":11870,"date":"2024-09-13T14:28:53","date_gmt":"2024-09-13T14:28:53","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=11870"},"modified":"2024-09-13T14:30:45","modified_gmt":"2024-09-13T14:30:45","slug":"11870","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/11870\/","title":{"rendered":"Brent crude oil reached 72 dollars and 71 cents"},"content":{"rendered":"

RoydadNaft – <\/a><\/span>\u00a0 Oil<\/span> prices rose about 1% on Friday, extending their rally and putting crude on course for a weekly gain on the back of output disruption in the U.S. Gulf of Mexico after Hurricane Francine forced the evacuation of production platforms.<\/p>\n

Brent<\/span> crude<\/span> futures were up 74 cents, or 1%, at $72.71 a barrel by 1325 GMT. U.S. West Texas Intermediate crude futures rose $1.02, or 1.5%, to $69.99.<\/div>\n
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If<\/span> those gains hold, both benchmarks will break a streak of weekly declines despite Brent crude dipping below $70 a barrel on Tuesday for the first time since late 2021.<\/div>\n
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At<\/span> current levels, Brent is set for a weekly increase of about 2.4% while WTI is poised to register a 3.4% gain.<\/div>\n
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“<\/span>Ongoing supply disruptions in Libya and larger than expected disruption in the Gulf of Mexico due to Hurricane Francine keep the oil market tight,” said UBS analyst Giovanni Staunovo.<\/div>\n
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“<\/span>Further support is likely coming from short-covering activity as result of rebounding prices.”<\/div>\n
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A<\/span> weaker<\/span> U.S.<\/span> dollar (.DXY) also helped support oil prices. Dollar weakness makes dollar-denominated commodities cheaper for holders of other currencies.<\/div>\n
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Oil<\/span> producers<\/span> assessed damage and conducted safety checks on Thursday as they prepared to resume operations in the U.S. Gulf of Mexico. Official data showed that nearly 42% of the region’s oil output was shut in as of Thursday.<\/div>\n
“<\/span>If production delays were to prove to be short-lived and damages to oil platforms were to be minimal, those gains may be unwound, as the broader demand outlook continues to serve as a key headwind to limit any sustained recovery,” IG market strategist Yeap Jun Rong said in an email.<\/div>\n
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Both<\/span> the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) lowered their demand growth forecasts this week, citing economic struggles in China, the world’s largest oil importer.<\/div>\n
In<\/span> the United States, oil stockpiles also rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration (EIA) said on Wednesday.<\/div>\n
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In<\/span> the meantime, investors are looking ahead to the U.S. Federal Reserve’s policy meeting over Sept. 17-18 and a possible cut to interest rates.<\/div>\n
Updated on