Mid-Week Review – September 8, 2021
Crude Oil Prices Halt Overnight Losses Due To Supply Squeeze
With U.S. producers, oil prices rose at their midweek trading sessions, reducing overnight losses. Hurricane Ida hit the Gulf of Mexico nine days ago, leaving operations crippled. After losing 1.4% on Tuesday following the Labor Day holiday, U.S. West Texas Intermediate crude futures are up 0.2% at $68 per barrel. Click Here to read more from Yahoo Finance.
Oil climbs on low U.S. output, disruptions in Libyan ports
Oil rose more than 1% on Wednesday as U.S. Gulf of Mexico producers made slow progress in restoring output after Hurricane Ida and protesters blocked exports from two Libyan ports. Brent was up 93 cents, or 1.3%, at $72.62 a barrel, at 1125 GMT, and U.S. West Texas Intermediate (WTI) crude rose $1.05, or 1.5%, to $69.40 a barrel. Click Here to read more from Reuters.
OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says
The head of Russia’s No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were “comfortable” for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output. In an interview with the Kommersant newspaper published on Tuesday, Vagit Alekperov said curbs on oil output would depend on market conditions. Click Here to read more from Reuters.
Europe’s Soaring Gasoline Consumption Triggers Rise In Oil Demand
Europe’s oil demand, especially road fuel consumption, has rebounded in recent weeks, as many Europeans hit the road for late summer vacations after a year and a half of restrictions and lockdowns. Airline traffic in Europe is still 30 percent below pre-COVID levels from 2019, but road fuel demand has strengthened this summer, estimates by Bloomberg showed on Monday. Click Here to read more from Oil Price.
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