LONDON: Oil prices inched up on Monday, recovering slightly from recent losses. The rise came amid growing concerns about a potential hurricane in the US Gulf Coast and ongoing supply disruptions in Libya.
Brent crude rose by 16 cents, or 0.23%, reaching $71.22 per barrel, while West Texas Intermediate (WTI) crude futures increased by 19 cents, or 0.28%, to $67.86 per barrel. This modest rebound follows a period of significant declines, with Brent crude falling for six consecutive sessions and losing over 11% of its value, hitting its lowest level since December 2021 on Friday.
The market’s recovery is partly due to fears that a hurricane could disrupt oil production and refining operations in the US Gulf Coast. Additionally, supply concerns are heightened by issues in Libya, where the National Oil Corporation (NOC) declared force majeure on several crude shipments from the Es Sider port due to a political dispute over oil revenues.
A weather system in the Gulf of Mexico is expected to strengthen into a hurricane before reaching the northwestern US Gulf Coast, further impacting market stability.x
