Oil Down Over Restored Output in Norway and the U.S.
From Gina Lee
Investing.com - Oil was down in Asia Monday morning, falling for a second straight session as a Norwegian strike closed and US production resumed as the Hurricane Delta weakened.
The Brent Oil Futures fell 0.65% to $ 42.57 by 11:27 p.m. ET (3:27 a.m. GMT) and the Crude Oil WTI futures fell 0.67% to $ 40.33. Both indices stayed above the $ 40 mark, with prices rising more than 9% for both in the previous month. This was the highest weekly rise in Brent futures since June the previous week.
However, those gains were reversed on Friday when a 10-day strike ended in Norway after the oil companies reached a collective agreement with union officials. The strike threatened to cut Norwegian oil and gas production by around 25%.
In the Gulf of Mexico, the Hurricane Delta was downgraded to a post-tropical cyclone by Sunday, after having had the largest impact on energy production in the region in 15 years.
Workers were back on production platforms on Sunday, and Total SA (NYSE: TOT) resumed its 225,500 barrel capacity on Sunday in Port Arthur, Texas. However, the largest U.S. oil product pipeline, Colonial Pipeline, had to close its main distillate fuel line after Delta cut power.
Some investors were optimistic about the black liquid's outlook.
"We had good support for Brent and WTI futures due to some supply issues," CMC Markets chief market strategist Michael McCarthy told Reuters.
"With the US hurricane season just beginning, there is potential for prices to remain stable," he added.
Gold rises above strengthening dollar and holds on to the latest US stimulus measures
Oil prices continue to fall as US producers restore production after the hurricane
In the stifling heat, power outages greet Louisiana evacuees returning from the Hurricane Delta
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