Oil prices remained high with the opening of the US market on Friday to offset part of yesterday’s losses as Hurricane Harvey approached the Gulf of Mexico in the United States, which includes the largest centers and oil production in the country. The ministerial committee responsible for monitoring the agreement to reduce global production on the possibility of extending the agreement After March 2018, and traders are looking later for drilling and drilling platforms in the United States.
At 12:12 GMT, US crude rose to 47.80 USD a barrel from the opening level of 47.60 USD , recording a high of 47.86 USD and a low of 47.53 USD.
Brent crude rose to 52.45 USD a barrel from the opening level of 52.15 USD and recorded a high of 52.56 USD and a low of 52.11 USD .
US crude finished down 1.6 %, the third loss in four days, and Brent contracts “October contracts” by 0.7 % , as US production near record levels.
Harvey’s tropical storm is intensifying toward Texas, home to the largest oil producing and refining centers in the United States, and could become the biggest storm to hit the Gulf of Mexico since Hurricane Wilma in 2005.
In the cyclone track, refineries produce nearly 5 million barrels per day (bpd) of oil, and the production of refineries in Corpus Christi has already been halted and produces about 500,000 bpd.
The ministerial committee in charge of monitoring the implementation of the global production cut-off agreement said on Thursday that the market is moving in the right direction and that all options are on track to achieve balance, including extending the agreement beyond March 2018.
The Committee confirmed that its next meeting would be held in Vienna on 22 September and that the Libyan and Nigerian States exempted from the Agreement would be invited to attend the meeting at the technical and ministerial level.
The Baker Hughes oil services company released a number of drilling and exploration platforms operating in the US oilfields. The platforms fell last week by 5 platforms, the biggest weekly decline since the week ending January 13, To 763 platform.
According to the US Energy Information Administration’s weekly report released on Wednesday, US oil production rose by 26,000 barrels for the week ended August 18, the highest level since July 2015, bringing production closer to record levels of 9.61 million bpd in June. 2015.