Tue. Oct 4th, 2022

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Oil mitigates with return of U.S. production

1 min read
Raw Crude oil

Oil prices drifted lower on Friday, pausing after three days of gains, as producers prepared to resume operations in the Gulf of Mexico and data showed Saudi Arabian exports rose from record lows.

Brent crude was down 6 cents at $43.24 a barrel by 0112 GMT, while U.S. oil futures dropped 6 cents to $40.91 a barrel. Both contracts have risen sharply this week as Hurricane Sally cut U.S. production and are on track for a weekly gain of around 9%, the first in three weeks.

U.S. offshore drillers and exporters began a cleanup on Thursday after Hurricane Sally weakened to a depression and started rebooting idle Gulf of Mexico rigs after closing the down for five days.
Crews were flown back to at least 30 offshore oil and gas platforms. Equinor and Chevron Corp began returning staff to platforms in the Gulf of Mexico, following Murphy Oil Corp’s restart this week.

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