New York, September 11 (FinanceFlashNews.com) – Oil prices surged by more than 2% on Wednesday afternoon, with Brent crude surpassing $70 per barrel. The rise helped offset some of the previous day’s losses, driven by concerns over Hurricane Francine, which disrupted production in the Gulf of Mexico. These concerns outweighed worries about weak global demand, according to Bloomberg.
U.S. Oil Stockpiles Increase
The increase in oil prices came despite the U.S. Energy Information Administration (EIA) reporting a rise in U.S. crude oil stockpiles. In the week ending September 6, 2024, stockpiles grew by 0.833 million barrels, slightly less than the 1 million barrels analysts had predicted.
As of 18:46 CET on Wednesday, West Texas Intermediate (WTI) crude for October delivery was trading at $67.75 (€61.35) per barrel, a $2 (3.04%) increase compared to the previous day’s close. Meanwhile, Brent crude for November delivery rose by $1.73 (2.50%), reaching $70.92 per barrel.
Key Oil Price Data for September 11, 2024
| Crude Type | Price (USD per barrel) | Change (USD) | Change (%) |
|---|---|---|---|
| West Texas Intermediate (WTI) | 67.75 | +2.00 | +3.04% |
| Brent (November contract) | 70.92 | +1.73 | +2.50% |
Keywords: Oil prices, Brent crude, WTI, Hurricane Francine, Gulf of Mexico, U.S. oil stockpiles, EIA
