News Karnataka
Sunday, February 25 2024
Economy

Oil futures rise globally over supply concerns in US

Oil futures rise globally over supply concerns in US
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New Delhi: Crude oil futures rose on Friday following continued supply concerns over Hurricane Ida’s impact on the offshore output in the US.

Currently, the November contract of Brent crude futures on the Intercontinental Exchange is trading at $72.50 per barrel, higher by 1.47 per cent from its previous close.

Similarly, the October contract of WTI crude on the New York Mercantile Exchange (NYMEX) was trading at $69.13 per barrel, higher by 1.45 per cent from its previous close.

As per reports, the hurricane has severely impacted the daily output, Oil futures and producers in the Gulf of Mexico who are still struggling to restart operations days after Ida swept through the region.

A week back, US President Joe Biden’s administration had announced to release 1.5 million barrels of crude oil from the country’s Strategic Petroleum Reserve (SPR) to address the fuel shortage caused by Hurricane Ida.

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