Oil mixed after Hurricane Ida hits U.S. Gulf rigs, refineries
Oil mixed after Hurricane Ida hits U.S. Gulf rigs, refineries

New Delhi: Crude oil prices are witnessing a spurt. The storm recorded the highest weekly spurt in more than a year due to Ida. Crude oil production in the Gulf of Mexico has been stopped due to the storm. This has led to an increase in crude oil prices in the market. Futures prices rose more than 2 percent in New York on Friday, the biggest weekly gain in more than a year.

U.S. oil-producing companies in the Gulf of Mexico have started shutting down production ahead of Hurricane Ida, which could make landfall as a Category 3 storm in the New Orleans area in the coming days. Meanwhile, Federal Reserve Chairman Jerome Powell said the central bank may start reducing its monthly bond purchases this year. Powell has said that the central bank is not going to raise interest rates from a record low right now. The central bank had hinted at such asset tapping schemes a few weeks ago.

According to a Bloomberg report, WTI crude has gained more than 10 percent in a week due to the closure of oil production due to Hurricane Ida. Oil has fluctuated in August due to the rapidly spreading delta variant of the virus. With new restrictions to prevent the spread of delta variants, oil demand is under a cloud of crisis.

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