Business Crude Oil Price Rises to $55 Per Barrel As Hurricanes Damage US Refineries

P

ProfRem

Guest
Oil-markets on Friday saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand.

Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico.

Brent crude futures rose to 54.57 dollars a barrel at 0735 GMT, with the benchmark for international oil prices earlier marking its highest since April at 54.79 dollars a barrel.

Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day, an industry source familiar with Saudi oil policy told Media on Thursday.

The United States West Texas Intermediate crude futures were at 48.98 dollars a barrel, 11 cents below their last settlement.

OilDollar.JPG

Traders said that the dip was a result of low refining activity following Hurricane Harvey, which hit the U.S. Gulf coast two weeks ago.

It knocked out almost a quarter of the country’s huge refinery industry, cutting demand for crude oil refining lifeblood.

“Most refineries are restarting and we expect a near-full recovery by month-end,” U.S. investment banker, Jefferies said.

Harvey’s impact was also felt in oil production. U.S. oil output fell by almost 8 percent, from 9.5 million barrels per day to 8.8 million bpd, according to the Energy Information Administration.


- NAN
 
So Nigeria's government earnings have gone up... what has been done with the excess? Hope we have diversified? I don't mean looking for oil wells in lake chad.
 
So Nigeria's government earnings have gone up... what has been done with the excess? Hope we have diversified? I don't mean looking for oil wells in lake chad.

yes, we are getting there... report shows things are taking shape away from Oil, though may not be OKAY but an inch is better than none.

In the recent NBS report, Agriculture - where our main focal idea is tilting towards continued strong and positive growth, which it had maintained throughout the recession, growing by 3.01 per cent in Q2 2017, from 3.39 per cent in Q1 2017 and 4.53 per cent in Q2 2016..

With the Q2 report, Agriculture tends to move more on positive trend as we need Q3 in this month, all thanks to CBn anchor programme, State govt ideas on local food and others. I just do hope it will last long.
 
Back
Top