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Brent crude oil at over $86 yesterday, Wednesday in London
Oil :
Crude prices were virtually flat yesterday, Wednesday, as concerns about disruptions to oil supplies caused by Storm Beryl eased. Before noon, the price of a barrel of North Sea Brent for September delivery was at $86.24. Its American equivalent, a barrel of West Texas Intermediate (WTI), for August delivery, was down 0.07% at $82.75.
The day before, the price of black gold had climbed after Hurricane Beryl was temporarily classified as a Category 5, the highest with winds
exceeding 252 km/h and “potentially catastrophic” consequences for Mexican or American oil infrastructure.
This first hurricane of the season, particularly early, has since been relegated to category 4, Tuesday afternoon.
“The storm risk premium has eroded significantly with the latest forecast that Beryl will turn into a
“A simple storm before entering the Gulf of Mexico, oil market observers note.”
Prices were slightly supported early in the session after the API, the American federation of industry professionals, reported on Tuesday,
for the week ended June 28, a fall in commercial crude oil reserves of about 9.2 million barrels.
A drop in crude inventories traditionally supports prices, but the API notes at the same time an increase of 2.5 million barrels
for gasoline last week. The weekly report from the U.S. Energy Information Administration (EIA) on the state of oil inventories is expected on Wednesday.