Oil prices continued to decline with the opening of the US market on Tuesday, to give up the highest level in four weeks recorded yesterday, in the process of incurring the first loss in the last three days, due to the activity of correction and profit-taking, in conjunction with the receding fears of Hurricane Ida, which hit the Gulf region. In the US, this comes before the release of preliminary data on US crude stocks.
US crude fell by 1.2% to the level of $ 68.32, from the opening level at $ 69.12, and recorded the highest level at $ 69.32, and Brent crude fell by 2.7% to the level of $ 71.40 a barrel, from the opening level at $ 73.38, and recorded the highest level at 73.46 $.
When prices were settled yesterday, US crude gained 0.7%, the second daily gain in a row, and recorded a four-week high at $69.60 a barrel, and Brent crude rose by 0.8%, and recorded the level of $73.67 a barrel, the highest since August 3 current.
Within 12 hours of making its way to the coast, Hurricane Ida weakened to a Category 1 tropical storm, much paving the way for the return of operations in the largest oil-producing region in the United States.
Energy companies operating in the Gulf of Mexico have shut down more than 95 percent of crude oil production, equivalent to 1.75 million barrels per day, according to the US Bureau of Safety and Save the Environment, after Hurricane Ida headed to drilling rigs and other production infrastructure.
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.
Later today, preliminary data on crude stocks in the United States will be issued by the American Petroleum Institute, amid expectations of a decline in stocks for the sixth week in a row. Tomorrow, Wednesday, official data will be released by the American Energy Agency.
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