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Oil is trading at nearly $ 60 per barrel after the storm that has shut down nearly three-quarters of US crude oil production in the Gulf of Mexico, while continuing concerns over demand continue to weigh on oil prices. prospects.
Futures increased by 0.2% in New York. About 73 percent of crude oil production in the Gulf of Mexico was shut down on Sunday, but some producers are preparing to send their workers back to offshore platforms, as storm Barry falters after touching ground. The shutdown helped counter the impact of the slowdown in the Chinese economy to its lowest level in three decades in the second quarter, in a prolonged trade dispute with the United States.
Crude rose this month due to lower inventory in the US and rising tensions in the Middle East. The United Kingdom and its allies plan to strengthen their military presence in the Persian Gulf to face the threat posed by Iran to shipping. Nevertheless, the long-term outlook for the oil market is causing concern, with OPEC announcing an overabundance in 2020, while the IEA has pointed to a surprise increase in global stocks in the first half of this year.
Earlier, oil capsules are gaining ground every week thanks to the strengthening of the fragile market of storm buoys
"The basic message is that global oil stocks will be depleted in the second half of this year, but will follow a poor 2020," said Tamas Varga, an badyst at PVM Oil Associates.
West Texas Intermediate for delivery in August added 12 cents to 60.33 dollars a barrel on the New York Mercantile Exchange at 10:47 am London time. Brent for the September settlement was up 24 cents to 66.96 dollars a barrel on the ICE Futures Europe Exchange. The benchmark gross has traded at a premium of US $ 6.53 compared to WTI for the same month.
Exxon Mobil Corp. and Chevron Corp. are among the companies that return workers to their offshore platforms and resume production in the Gulf of Mexico after Storm Barry. The region accounts for 16% of total US crude oil production and less than 3% of natural gas production, according to the Ministry of Energy.
The International Energy Agency announced Friday that cuts in production from OPEC and its allies had not prevented the return to a surplus in the first half of 2019, the The supply exceeds the demand at a rate of 900,000 barrels per day. China's gross domestic product grew 6.2 percent in the second quarter compared with the previous year, which is lower than the 6.4 percent rise recorded in the first quarter.
– With the help of James Thornhill.
© 2019 Bloomberg L.P.
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