Oil prices rose in the European market on Monday, to continue its gains for the second day in a row, recording the highest level in two weeks, due to mounting concerns about the delay in the return of supplies in the United States, in light of the severe damage to marine facilities caused by Hurricane Ida.
US crude rose about 1.3% to the level of $ 70.46, the highest since September 2, from the opening level at $ 69.58, and recorded the lowest level at $ 69.54, and Brent crude rose by 1.0% to the level of $ 73.66 a barrel, the highest since September 3 , from the opening level at $72.93, and the lowest level was recorded at $72.70.
When prices were settled on Friday, US crude gained 2.5%, and Brent crude rose 2.3%, the second gain in the last three days, due to concerns about US supplies.
In terms of trading last week, international oil prices rose by an average of 0.5%, the third consecutive weekly gain, thanks to the improvement in fuel demand levels in the United States, China and India.
About 75% of US oil production in the Gulf of Mexico, equivalent to about 1.4 million barrels per day, is still suspended since late last August, with producers continuing to struggle to resume operations less than two weeks after Hurricane Ida swept the region, accompanied by strong winds and torrential rains.
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 10 million barrels per day.
Royal Dutch Shell, the largest oil producer in the Gulf of Mexico, on Thursday canceled some export shipments due to damage to offshore facilities from Hurricane Ida, indicating that the region's supplies will remain below normal levels for several weeks to come.
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