Oil soars above $ 73 .. This is what happened between Biden and the President of China

Oil rose on Friday and for a time exceeded $ 73 a barrel, supported by growing indications of supply cuts to the United States due to Hurricane Ida, and as high-risk assets received a boost in US-Chinese trade hopes.

More than two-thirds of oil production in the Gulf of Mexico in the United States, or 1.2 million barrels per day, has been suspended since mid-August due to the hurricane.

Brent crude rose at settlement $ 1.47, or 2.3%, to $ 72.92. The session’s peak was $ 73.15 per barrel. West Texas Intermediate crude rose $ 1.58, or 2.3%, to $ 69.72.

Both stocks posted small gains over the week. Brent is up 41% this year thanks to production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and some recovery in demand following the pandemic.

The oil and stock markets were also supported by the announcement of a phone call between Chinese President Xi Jinping and US President Joe Biden, which raised hopes for improved relations and more trade. global, analysts said.

Baker Hughes Energy Services said the United States had increased the number of oil rigs in the past week, indicating that production could increase in the coming weeks.

Next week, the focus will be on revisions to OPEC and the International Energy Agency’s 2022 oil demand forecasts. Two OPEC + sources said OPEC was likely to revise its forecast downward on Monday.