Oil prices surged up to 11 percent last week, their biggest weekly gain since October last year, as Gulf of Mexico oil operators shut the production ahead of a hurricane expected to pass through the Gulf in the weekend.
According to details, Brent, the international benchmark for two-thirds of the world’s oil, gained 11.54 percent during the week to reach $72.70 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $68.74, up by 10.62 percent during the week.
During the week, the price for Opec Basket surged to $70. 75 with 7.06 percent increase, Arab Light price increased 7.43 percent to $72.81 a barrel, while the price of Russian Sokol jumped 7.57 percent to reach $71.48. A weaker US dollar and crude and gasoline inventory draws, as estimated by the EIA, supported oil prices.
However, the oil market is looking at the OPEC+ meeting scheduled for September 1 (Wednesday), which will determine the future course of action for prices. —TLTP