To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more




TOP STORIES
Zuckerberg discussed "TikTok danger" during private dinner with Trump

Facebook spokesman says that Zuckerberg 'cannot remember' discussing the issue of TikTok wit...



Oil continued to fall in price on Friday evening, the market follows the consequences of the hurricane in the US



Oil prices continued to decline in the evening trading on Friday: the focus of market players are the consequences of Hurricane Harvey.



01.Sep.17 2:57 PM
By Daria Zaytseva
Photo Toinnov.com

   258

Oil continued to fall in price on Friday evening, the market follows the consequences of the hurricane in the US

By 17.01 GMT, futures for Brent crude oil fell 0.81 percent to $ 52.43 per barrel.

Futures for US crude WTI by this time traded at $ 46.78 per barrel, 0.95 percent lower than the previous closing.

Hurricane Harvey, which struck the American coast of the Gulf of Mexico, became the most powerful in the last 12 years and disrupted nearly a quarter of the oil refining capacity. As for the production capacities, the average is about 13.5 percent, according to the US Bureau of Security and Environmental Control.

This, in turn, pushed the US Department of Energy to use oil from the strategic reserve of the country.

"The negative consequences of natural disasters tend to persist in the medium term due to the impact on demand, but in the short term, the market responds to supply shortages," Jason Gammel of Jefferies said.

Some analysts at the same time fear that the restoration of oil production in the US and the inability of its supply to flooded oil refineries can delay the rebalancing of the global market.

"The extraction will return to the previous levels faster than the refinery will recover, which will only exacerbate the situation with an overabundance of oil supply," said Tony Noonan of Mitsubishi Corp.

Reports on the decline in OPEC oil production, which, according to calculations by Reuters, in August decreased by 170,000 barrels per day to 32.83 million barrels per day, the market largely ignored.




Back to the list


Related Information: