Oil Prices Dip After Production Resumes at Gulf

Oil prices dip after production resumes at Gulff

The redemption of the output of oil after Hurricane Delta’s weakened effect has once again impacted the oil prices.

As the US producers are resuming their capacities of extraction, the prices slid for the second consecutive Monday. Also, the strike in Norway was called off after a brief hiatus.

November’s WTI was down by 30 cents, which is $40.30 a barrel or a loss of 0.7 per cent. December’s Brent Crude fell to $42.53 per barrel. It is a loss of 32 cents (0.8 per cent) by 0347 GMT.

Interestingly, both contracts had garnered more than 9 per cent the previous week. Brent had seen its highest gain since June.

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