Oil prices extended their rise with the opening of the American market on Wednesday, to rise by more than 1.5%, on its way to achieving the first gain in the last four days, due to growing concerns about the delay in the return of supplies in the United States to pre-Hurricane Ida levels, and this comes before the release of preliminary data about US crude stocks.
American crude rose more than 1.5% to the level of $ 69.42, from the opening level at $ 68.33, and recorded the lowest level at $ 68.33, and Brent crude rose by about 1.5% to the level of $ 72.65 a barrel, from the opening level at $ 71.62, and recorded the lowest level at $71.58.
When prices settled yesterday, US crude lost 0.75%, and Brent crude fell 0.7%, in the third consecutive daily loss, due to the decline in most commodity prices and resistance metals in US dollars.
Producers in the US Gulf of Mexico are still struggling to resume operations nine days after Hurricane Ida swept through the region, bringing strong winds and torrential rains, disrupting about 95 percent of the region's production.
As of Tuesday, about 80% of U.S. production in the Gulf of Mexico region remained idle, with 79 pallets vacant and out of commission.
The production of the Gulf of Mexico represents about 17% of US crude oil production, which is currently 11.5 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 seventh week in a row. Tomorrow, Thursday, official data will be released by the American Energy Agency.
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