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9/2, 3:59 PM (Source: TeleTrader)
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WTI up 2% amid OPEC decision, hurricane impact

West Texas Intermediate (WTI) futures rose by more than 2% on Thursday after the Organization of the Petroleum Exporting Countries and its partners (OPEC+) decided to stick to their production agreement and ignore calls by the United States to put more oil on the global market.

At the same time, US oil production in the Gulf of Mexico continued to fell the negative consequences of Hurricane Ida, as the US Bureau of Safety and Environmental Enforcement (BSEE) estimated that approximately 79.96% of current oil production in the region has been shut-in due to the natural disaster.

WTI for settlements in October was 2.42% higher to sell for $70.25 per barrel at 9:58 am ET, while Brent for November deliveries was up 2.07%, going for $73.08 per barrel a minute later.

Breaking the News / MS