Oil prices rose during trading on Monday, amid the stability of the dollar against most major currencies, and crude maintained its gains due to fears of disruption to production due to Hurricane Ida.
This, and the markets are following the developments of Hurricane Ida, which hit the southeastern regions of the United States and caused disruptions to airports and trains, power outages and the cessation of oil production in the Gulf of Mexico region.
As of Sunday, energy companies in the Gulf of Mexico decided to stop more than 95% of their production activities, or the equivalent of 1.75 million barrels per day, after Hurricane Ida headed towards the exploration platforms in the region.
This comes in light of what the Gulf of Mexico represents for oil production, which constitutes 17% of the total American production of crude, which is estimated at about 11.4 million barrels per day at the present time.
On the other hand, the dollar index - against a basket of major currencies - settled by 17:20 GMT at 92.7 points, and recorded the highest level at 92.7 points and the lowest level at 92.6 points.
In terms of trading, US “NYMEX” crude futures for October delivery rose by 17:17 GMT by 0.6% to $69.1 a barrel.
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