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Oil prices rise amid Gulf of Mexico storm, Middle East tensions


Friday, 12 July 2019 08:43 WIB

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Oil prices rose on Friday as U.S. oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued in the Middle East.

Brent crude futures were up 37 cents, or 0.6%, at $66.89 per barrel by 01:15 GMT. The international benchmark settled down 0.7% on Thursday after hitting its highest since May 30 at $67.52 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6%, at $60.54 a barrel. The U.S. benchmark closed 0.38% lower on Thursday after marking its highest since May 23 at $60.94.

By Thursday, oil companies in the Gulf of Mexico had cut more than 1 million barrels per day (bpd) of output, or 53% of the region's production, due to Tropical Storm Barry.

The storm was forecast to become a category one hurricane with at least 74-mile-per hour (119 km-per-hour) winds.

Source : Reuters


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