Oil prices grow as Hurricane Michael gets closer


The suspension of oil production in the Gulf of Mexico due to the approaching hurricane “Michael” raised concerns about a possible shortage of fuel in the market and pushed oil prices to further increase. It is expected that hurricane “Michael” moving to the US coast may intensify to the third category on the Saffir-Simpson scale. In 34 districts of Florida a state of emergency was declared. By 17:04 Moscow time on Tuesday, the price of Brent crude futures for December delivery rose 37 cents to 84 dollars 28 cents per barrel. WTI November futures rose 22 cents to 74 dollars 51 cents a barrel.

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