US oil prices exceeded $70 per barrel

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US oil prices exceeded $70 per barrel

September 04, 2018 - 09:51
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US oil prices exceeded $70 per barrel on Tuesday as two oil platforms were evacuated from Gulf of Mexico in the process of preparation to hurricane, Reuters reports.

Oil platform | © Anita Stachurski, CC0 1.0

US oil prices exceeded $70 per barrel on Tuesday as two oil platforms were evacuated from Gulf of Mexico in the process of preparation to hurricane, Reuters reports.

WTI futures were traded for $70,25 per barrel today in the morning, which is 0,6% higher than last closing price.

Anadarko Petroleum Corp informed about closure and evacuation of two platforms ahead of Gordon hurricane.

On the other hand, Brent futures slightly declined today and are traded for $78,09 per barrel. It happened after news stating that India is ready to import Iranian oil. So, two largest oil importers in Asian region, China and India, are ready to accept shipments from Iran despite of US sanctions.

Brent is also under pressure of turmoil at emerging markets and rising dollar.

Meanwhile, many analytics assume that threat of restricted supply is still there due to US sanctions, declining production in Venezuela and outages in Libya. According to BNP Paribas, these factors will support Brent oil price, which in 2019 will be $79 per barrel in average.