Oil prices see limited rise on Tuesday

Oil prices see limited rise on Tuesday

WAAR_DUHOK

 

Oil price gains were restricted on Tuesday as more production facilities resumed operation in the U.S. Gulf of Mexico after Tropical Storm Barry halted output.

International benchmark Brent crude was trading at $66.77 per barrel at 0619 GMT on Tuesday with a 0.55% gain after it ended Monday at $66.40 a barrel.

American benchmark West Texas Intermediate was at $59.55 a barrel at the same time for a 0.10% increase after closing the previous session at $59.49 per barrel.

Nearly 70% of crude oil production, or 1.3 million barrels per day, in the U.S.-regulated areas of the Gulf of Mexico was shut down due to the storm, the U.S. Bureau of Safety and Environmental Enforcement said on Saturday.

Producers in the Gulf began restoring some of the output that was shut on Monday and workers were returning to more than 280 production platforms that had been evacuated.

Meanwhile, China’s announcement on Monday of its slowest quarterly economic growth in at least 27 years, leading to demand growth worries, caused limited price gains.

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