Resumed US extraction in Gulf of Mexico lowers oil prices

Developments in China and resumed extraction in the Gulf of Mexico following hurricane Barry maintain downward pressure for oil prices Tuesday morning.

Photo: Jacob Ehrbahn

Tuesday morning, oil prices slide for the second consecutive day after US companies in the Gulf of Mexico resumed oil extraction in the wake of hurricane Barry. At the same time, key figures in China weigh heavily on expectations for future oil demand.

One barrel of the European reference oil, Brent, Tuesday morning costs USD 66.54 against USD 66.88 Monday afternoon. US WTI crude is concurrently trading at USD 59.56 against USD 60.22 Monday afternoon.

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