Sun. Oct 24th, 2021

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Oil prices plunge

1 min read
Crude oil

Crude oil refinery

Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labor union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

In the United States, Hurricane Delta, which dealt the greatest blow to U.S. offshore Gulf of Mexico energy production in 15 years, was downgraded to a post-tropical cyclone by Sunday.

Workers headed back to production platforms on Sunday while Total SA continued restarting its 225,500 barrel-per-day Port Arthur, Texas, refinery on Sunday.

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