Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Syrian Defense: We call on all parties in Sweida to cooperate with security forces and exercise restraint
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces

Oil prices slightly up after hurricane hits US oil-rich Gulf Coast

  • By Al Mayadeen English
  • Source: Agencies
  • 13 Sep 2024 23:35
3 Min Read

UBS Bank projects that crude production in the US Gulf of Mexico could decrease by 50,000 barrels per day due to Hurricane Francine.

Listen
  • x
  • Oil prices slightly up after hurricane hits US oil-rich Gulf Coast
    The sun sets behind two under-construction offshore oil platform rigs in Port Fourchon, LA, United States in 2010 (AFP)

Crude oil prices recorded a weekly gain, breaking a two-week losing streak, driven by concerns over a potential short-term reduction in US oil production after a hurricane affected the Gulf of Mexico, home to many energy platforms.

The US West Texas Intermediate (WTI) and UK North Sea Brent crude benchmarks declined at Friday’s close in New York but posted gains for the week overall. However, they bounced back after Hurricane Francine swept through the US Gulf Coast this week, halting over 40% of the region's oil production.

WTI closed 0.5% lower at $68.65 per barrel after hitting a near three-year low earlier in the week but still posted a 1.4% weekly gain following a 12.4% drop over the previous four weeks. Similarly, Brent fell 0.5% to $71.61 per barrel after reaching its lowest level since December 2021, yet managed a 0.7% weekly increase, rebounding from an 11% decline over the prior three weeks.

Read more: OPEC+ set to postpone planned oil production hike: Reuters

Related News

Trump approves Patriot missiles to Ukraine, bills EU for costs

Russia slams US-Denmark military pact as threat to its security

UBS Bank projected that crude production in the US Gulf Coast could decrease by 50,000 barrels per day due to Hurricane Francine, with other estimates indicating a potential shortfall ranging from 60,000 to 1.69 million barrels per day.

Despite this production decline, analysts were split on the outlook for crude prices in the coming week, with Friday's market volatility—where prices rose by 2% before falling—underscoring the uncertainty in the market.

“My take is that … the [oil] markets [are] extremely overdone to the downside,” Phil Flynn, an energy analyst at the Price Futures Group in Chicago, predicted that the rally would persist, pushing WTI and Brent prices into the higher $70 range.

Read more: Venezuela oil sales to Spain triple year-on-year

However, Scott Shelton, a crude trader and opinion writer for US-based firm ICAP, expressed uncertainty about the outlook.

“This market appears unwilling to let anyone with more than 1-day time horizon make money,” Shelton wrote. “They blew longs out last week and sapped their  convictions that strong physical and low general stocks were meaningful and are now generating pain for the shorts from the longer-term macro side.”

  • United States
  • WTI
  • Brent crude oil
  • Oil prices
  • Crude oil

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS