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News Admin
 
Date
 09/10/2020
News Provider
 Nur Aisha Abd. Wahab
News Source
 The Star Online
Headline
 Oil prices rise amid concerns over supply outages

The Star Online (09/10/2020) - NEW YORK, Oct. 8 (Xinhua) -- Oil prices climbed on Thursday as traders grew concerned over production disruptions in the Gulf of Mexico due to Hurricane Delta and in the North Sea due to the strike in the Norwegian oil industry.

The West Texas Intermediate for November delivery rose 1.24 U.S. dollars to settle at 41.19 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 1.35 dollars to 43.34 dollars a barrel on the London ICE Futures Exchange.


Prices recovered after previous session's pullback, "this is because the problems on the supply side can no longer be ignored," Carsten Fritsch, energy analyst at Commerzbank Research, said in a note on Thursday.


Hurricane Delta caused a massive supply outage in the Gulf of Mexico and a strike in Norway also threatened oil production in the North Sea, he noted.


As of Wednesday, more than 90 percent of Gulf oil production and nearly 62 percent of natural-gas output were shut in as the hurricane churned in the Gulf of Mexico, according to estimates by the U.S. Bureau of Safety and Environmental Enforcement.


Read more at https://www.thestar.com.my/news/world/2020/10/09/oil-prices-rise-amid-concerns-over-supply-outages



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