Oil up as Hurricane Ida causes production halt By

© Reuters.

Gina Lee

Oil prices went up around 1% on Monday as caused the shutdown of offshore oil platforms.

rose 0.38% to $71.97 by 11:04 PM ET (3:04 AM GMT), after rising more than 11% the past week over predictions of oil production halting.  inched down 0.07% to $68.69.

U.S. oil gained 53 cents or 0.8% at $69.27 a barrel on Monday, as it experienced a jump of over 10% last week.

91% of crude production, or 1.65 million barrels-a-day’s worth, was halted as Ida headed towards oil production facilities in the U.S. Gulf of Mexico, according to the Bureau of Safety and Environmental Enforcement.

By midday Saturday, 290 offshore facilities were evacuated and 11 drill vessels moved. Ida hit the coast near Port Fourchon, Louisiana on Sunday as an extremely dangerous Category 4 hurricane.

The hundreds of miles of new levees built around nearby New Orleans following Hurricane Katrina will now be put to the test.

“This is one of the strongest storms to make landfall here in modern times,” Louisiana Governor John Bel Edwards said at a press conference.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button