Oil prices remained on the rise with the opening of the US market on Tuesday to extend its gains for the third day in a row, recording its highest level in six weeks, due to continuing concerns about the flow of crude supplies in the United States from the Gulf of Mexico region, especially with the approaching of a new tropical storm “Nicolas” from Hitting the largest US oil production area, this comes before the release of preliminary data on US crude inventories.
US crude rose 0.7% to $71.12, the highest since August 3, from the opening level at $70.61, and recorded the lowest level at $70.53, and Brent crude rose 0.8% to $74.20 a barrel, the highest since August 2 August, from the opening level at $73.62, and recorded the lowest level at $73.51.
US crude, when prices settled on Monday, rose by 1.5%, and Brent crude rose by 1.1%, in the second consecutive daily gain, due to concerns about the delay in the return of supplies in the United States.
Energy companies operating in the Gulf of Mexico region in the United States have again begun evacuating workers on offshore platforms ahead of Tropical Storm Nicholas, which is expected to turn into a hurricane over the next few days.
Until today, more than 40% of the region's production is still stopped two weeks after Hurricane Ida hit the region and caused the suspension of more than 95% of production.
Royal Dutch Shell, the largest oil producer in the Gulf of Mexico, canceled some export shipments due to damage to offshore facilities due to Hurricane Ida, which indicates that the region's supplies will remain below normal levels for several weeks to come.
Gulf of Mexico production represents about 17% of US crude oil production, which was 11.5 million barrels per day before Hurricane Ida, and is currently stable around 11 million barrels per day.
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 eighth consecutive week. Tomorrow, Wednesday, official data will be issued by the American Energy Agency.
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