US oil compan­ies begin restor­ing produc­tion in Gulf of Mexico, which was earlie­r shut becaus­e of Hurric­ane BarryLONDON: Oil prices steadied on Tuesday as a resumption of production in the Gulf of Mexico after Hurricane Barry and a boom in US supply from shale oil countered tensions in the Middle East. US oil companies on Monday began restoring some of the nearly 74% of production that was shut at platforms in the Gulf of Mexico because of Hurricane Barry. “Crude oil is having a quiet day after giving back some of last week’s gains,” Saxo Bank commodity strategist Ole Hansen said. The storm will probably result in a noticeable decline in US crude oil stocks this week, analysts at Commerzbank said. US oil output from seven major shale formations is expected to rise by about 49,000 barrels per day in August, to a record 8.55 million bpd, the US Energy Information Administration said.

Source: The Express Tribune July 16, 2019 13:41 UTC