Oil sustains gains as Nicholas approaches

14.09.2021 - Evdokimov Roman
Oil sustains gains as Nicholas approaches

Oil prices maintained their gains on Tuesday, remaining near a six-week high amid signs of another hurricane that could affect production in Texas this week. The U.S. oil industry is still struggling to resume production following Hurricane Ida’s destruction on the Gulf Coast.

Brent crude climbed up 0.2%, or 15 cents, to $73.66 a barrel by 0048 GMT, after a 0.8% gain in the previous day. U.S. West Texas Intermediate (WTI) crude likewise jumped 0.3%, or 23 cents, to $70.68 a barrel, following a 1.1% increased on Monday.

Both benchmarks stayed close to their highest since early August.

Meanwhile, evacuations were ongoing on Monday from offshore U.S. Gulf of Mexico platforms even as onshore oil refiners began preparations for Tropical Storm Nicholas. Nicholas was heading toward the Texas coast with winds reaching 70 miles per hour (113 kph), posing a threat to coastal Texas and Louisiana.

Over 40% of the U.S. Gulf’s oil and gas output was still offline on Monday.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?