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- WTI price appreciated as Hurricane Francine caused output disruptions in the US Gulf of Mexico.
- Official data showed that nearly 42% of US Gulf of Mexico’s Oil production had been shut in as of Thursday.
- Both OPEC and IEA have lowered their forecasts for Oil demand growth, citing economic challenges in China.
West Texas Intermediate (WTI) Oil price holds gains for the third consecutive day, trading around $68.50 during the Asian session on Friday. The rise in crude Oil prices is driven by Hurricane Francine, which forced producers to evacuate platforms ahead of its impact on the Louisiana coast on Wednesday, causing output disruptions in the US Gulf of Mexico.
On Thursday, Oil producers conducted damage assessments and safety checks in preparation to resume operations in the US Gulf of Mexico. According to Reuters, UBS analysts projected that Oil output in the region for September would decrease by 50,000 barrels per day (bpd) compared to the previous month. Meanwhile, FGE analysts estimated a larger drop of 60,000 bpd, bringing total output to 1.69 million bpd. Official reports indicated that nearly 42% of the region’s Oil production had been shut in as of Thursday.
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