Oil prices surged on Wednesday by over two percent in light of Hurricane Sally impeding oil production in the United States and a report by the American Petroleum Institute (API) on the decrease of the country's oil reserves
MOSCOW (Pakistan Point News / Sputnik - 16th September, 2020) Oil prices surged on Wednesday by over two percent in light of Hurricane Sally impeding oil production in the United States and a report by the American Petroleum Institute (API) on the decrease of the country's oil reserves.
As of 12:30 GMT, the price of October contracts for WTI Crude is at 39.13 per barrel, up by 2.22 percent, while November contracts for Brent Crude are at 41.38 per barrel, with a 2.10 percent increase.
According to the API data, the US oil supply dropped by 9.5 million barrels last week.
Meanwhile, Hurricane Sally made landfall in the southern US after having made companies decrease output in the Gulf of Mexico region by a quarter.
