Oil price exceeds $73 due to hurricane disruptions

On Friday, crude oil prices rose above $ 73 a barrel. The reason for the growth was the message that it may take longer than anticipated to resolve disruptions in the operation of the energy complex in the Gulf of Mexico. About three quarters of offshore production is still not functioning.

The current Brent quotation is $ 73.15 per barrel, the price of WTI oil is $69.95.

Additional support to prices was provided by data on oil reserves in the United States. According to a report from the Ministry of Energy, over the past week, hydrocarbon reserves in the country decreased by 7.2 million barrels. The decline has been noted for the third week in a row.

Analysts note that petroleum product inventories are generally at their lowest for this period of the year since 2018, while refining capacity in Louisiana continues to slowly recover.

Moreover, yesterday, US President Joe Biden ordered Energy Secretary Jennifer Grenholm to use the strategic oil reserve to combat the surge in fuel prices in the country caused by Hurricane Ida.