Oil prices settle higher as more production shut ahead of Hurricane
<p>Doha, Qatar: Oil prices settled higher on Friday as Hurricane Isaias churned toward the northern Gulf of Mexico and oil companies shut more than 70% of crude production in US waters.</p> <p>Brent crude futures settled at $104.72 a barrel, and US WTI crude finished at $91.85 a barrel. For the week, Brent rose 2.4% and WTI was up 0.8%, noted Al-Attiyah Foundation in its Weekly Energy Market…
Doha, Qatar - Oil prices climbed higher on Friday as Hurricane Isaias approached the northern Gulf of Mexico, prompting oil companies to shut down more than 70% of crude production in US waters, according to the Al-Attiyah Foundation's Weekly Energy Market Review. Brent crude futures reached $104.72 per barrel, while US WTI crude ended at $91.85 per barrel, marking a week-over-week increase of 2.4% for Brent and 0.8% for WTI, respectively.
US President Donald Trump shared that his administration was engaged in "productive discussions" with Iran regarding their actions, ensuring no pre-election attack was planned before the 3 November midterm congressional elections. Meanwhile, Asian spot liquefied natural gas (LNG) prices surged last week due to heightened concerns over potential supply disruptions caused by renewed attacks on tankers near the Strait of Hormuz.
The average LNG price for November delivery into northeast Asia rose to $26.50 per million British thermal units, up from $25.25 per mmBtu the previous week. European gas prices also rose, with the Dutch TTF gas price settling at $26.61 per mmBtu, marking a weekly gain of 6.0%.
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- Oil prices settle higher as more production shut ahead of hurricane businesstimes.com.sg
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