Oil Prices Rise As US Supply Concerns Take Hold

Baghdad Oil prices rose for a second session on Monday as concerns over shut output in the United States, the world’s biggest producer, following damage from Hurricane Ida supported the market, along with expectations for higher demand.

Brent crude rose 67 cents, or 0.9% to $73.59 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 66 cents, or 1%, to $70. 38 at 0633 GMT. Both markets were at their highest since Sept. 3 earlier in the session.

Besides the impact of Ida, market attention this week will focus on potential revisions to oil demand forecasts from the Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency (IEA) as Coronavirus cases continue to rise.

 

Source: National Iraqi News Agency

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