ANKARA: Oil prices continued their upward trend on Friday as Hurricane Francine forced a significant portion of US oil and gas production offline after making landfall earlier this week, reported Anadolu Agency.
Brent crude, the international benchmark, rose 0.49 per cent to US$72.32 per barrel at 10:14 am local time (0714 GMT), up from the previous session’s close of US$71.97. Meanwhile, the US benchmark, West Texas Intermediate (WTI), saw a 0.52 per cent increase, reaching US$69.33 per barrel after closing at US$68.97 on Thursday.
Hurricane Francine struck the US coast on Wednesday as a Category 2 storm, sparking concerns about potential disruptions in oil and natural gas production in the Gulf of Mexico, a major energy-producing region.
According to the Bureau of Safety and Environmental Enforcement (BSEE), workers from 169 production platforms, representing 45.55 per cent of the Gulf’s output, have been evacuated since the storm began. The BSEE also reported that approximately 41.74 per cent of current oil production and 53.32 per cent of natural gas production in the Gulf is currently offline due to the storm’s impact.
The agency assured that once the storm passes, facilities will be inspected and undamaged platforms will resume production immediately. However, it warned that any facilities sustaining damage could face delays in coming back online.
- Bernama, Anadolu
