Oil up 1% as investors assess supply prospects
Oil drilling rigs
Oil prices rose during trading today, Oct. 7, as markets assessed the outlook for global supply amid constraints imposed by the Iran war and a storm heading towards US oil-producing regions.
US meteorologists said on Tuesday that a storm forming in the Gulf of Mexico would become the first Atlantic hurricane of 2026 within two days and was likely to hit oil and gas production facilities, Reuters reported.
The areas in the storm's path produce 15% of US crude oil and 5% of the nation's natural gas, and refineries in the US Gulf Coast states account for about 50% of the nation's 18.2 million barrel-per-day refining capacity.
Data from the American Petroleum Institute showed a decline in US crude inventories, while markets await official data from the Energy Information Administration later today, amid expectations of a rise in inventories.
|
Brent, WTI Futures Prices |
|||
|
Crude |
Price ($/bbl) |
Change ($) |
Change |
|
Brent (November delivery) |
101.61 |
1.03 |
1.00% |
|
WTI (November delivery) |
90.19 |
0.75 |
0.85% |
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