Oil Prices Slip as Gulf of Mexico Production Restarts, U.S. Output Weighs
Tuesday, 16 July 2019 19:25 WIB |
Oil prices dipped on Tuesday as oil rigs in the Gulf of Mexico underwent the process to restart production following Hurricane Barry, while escalating U.S. output weighed ahead of weekly inventory data.
New York-traded West Texas Intermediate crude futures dropped 7 cents, or 0.1%, to $59.51 a barrel by 8:07 AM ET (12:07 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., slipped 9 cents, or 0.1%, to $66.39.
Crude declined on Monday after Barry passed without causing as much damage as feared, and oil rigs began preparations to restart production.
Workers were returning to the more than 280 production platforms that had been evacuated.
In a process that is expected to take several days, the U.S. Bureau of Safety and Environmental Enforcement SEE reported that 69% of the output in the Gulf of Mexico remained shut as of Monday, compared to 73% on Sunday.
Source : Investing.com