Oil prices settle as the risk of an expected hurricane disappears

Shafaq News / Oil prices settled today, Tuesday, around one level in daily trading, after one of the two hurricanes that were expected to hit the oil-rich US Gulf of Mexico disappeared.

About 82% of oil production in the Gulf has stopped in preparation for the hurricane, one of which is expected to intensify, which led to a rise in prices yesterday, Monday, to more than 1%.

In the New York Mercantile Exchange, US crude fell 10 cents to 42.52 dollars, while Brent rose 6 cents to 45.70 dollars.

Crude oil finds support from the failure to stop the civil war in Libya, which means Libya's inability to resume its oil exports. It also received support from Iraq which pledged to reduce production to one million and 250 thousand barrels in August and September.