Oil prices expanded their rise with the opening of the American market on Friday, to resume its rise, which was paused yesterday, in a breath-taking process, to record US crude, the highest level in two weeks, and Brent crude, the highest level in three weeks, due to fears of disruption to oil production in the Gulf of Mexico, with a hurricane approaching. From hitting the largest oil-producing region in the United States, and prices are about to achieve the largest weekly gain this year, supported by hopes of improving demand in the largest consumer of fuel in the world.
US crude rose 1.9% to the level of $ 69.00, the highest since August 13, from the opening level at $ 67.74, and recorded the lowest level at $ 67.55, and Brent crude rose by 1.4% to the level of $ 72.48 a barrel, the highest since August 4 The current level, from the opening level at $71.50, and recorded the lowest level at $71.16.
When prices settled on Thursday, US crude lost 0.3%, and Brent crude fell 0.6%, the first loss in the last four days.
Oil companies operating in the Gulf of Mexico began airlifting workers from oil production platforms, and BHP and BP announced the suspension of production in offshore platforms, before the hurricane arrived from hitting the region.
The production of the Gulf of Mexico represents about 17% of US crude oil production, which is currently 11.4 million barrels per day, and the United States is the largest oil producer in the world.
In terms of transactions this week, global oil prices are high by an average of 11%, in the process of achieving the first weekly gain during the last month, and the largest weekly gain during the current year, thanks to the hopes of improving demand in the United States and India.
On Monday, the US Food and Drug Administration (FDA) announced its full approval to vaccinate people 16 years of age or older with the “Pfizer-Biontech” vaccine against the Corona virus, and the agency granted the vaccine an emergency use license in December 2020.
This decision will greatly help many companies and government agencies to impose vaccination against the Corona virus, which will lead to the easing of restrictions on travel and trips.
In India, data showed that the refinery's crude productivity rose in July to the highest level in three months, thanks to the recovery in fuel demand in the third largest oil consumer in Asia.
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