Brent price went up to $74.51 per barrel

Oil quotations are growing again after falling by almost 1% during the previous session. Prices are showing growth for the first time in three sessions, Interfax reports.

By 7:58 am Kyiv time, Brent November futures on the London ICE Futures exchange went up by $0.59 (0.80%) to $74.51 per barrel. On Monday, Brent fell $1.42 (1.88%) to $73.92 per barrel.

By this time, October WTI futures price increased by $0.66 (0.94%), to $70.95 per barrel at the electronic trading of the New York Mercantile Exchange (NYMEX). During the previous session, the contract fell by $1.68 (2.3%) to $70.29 per barrel.

The quotations are supported by signs that some of the production capacity in the Gulf of Mexico will not be restored for several months due to the damage caused by Hurricane Ida, writes Trading Economics. Oil company Royal Dutch Shell, the largest producer in the region, said that due to damage, its transhipment station will be closed by the end of this year.

To recap, Hurricane Ida destroyed the Phillips 66 refinery.

Tags: oil, USA, Oil refinery plant, export, import, price, petroleum products, oil deliveries, oil pipeline, economy, oil market

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