Oil Prices Soar Before Closing This Week!

 Black gold trading stabilized after jumping 3% in the previous session driven by the threat of a Delta hurricane that had forced the closure of nearly 92% of production in the Gulf of Mexico.


The benchmark Brent crude futures traded at $ 43.16 a barrel, while the US WTI was at $ 41.02 a barrel.


The market now continues to monitor the impact on US production affected by hurricane Delta. Oil producers have removed 183 facilities and stopped production of almost 1.5 million barrels a day.


Both benchmarks recorded an increase of around 10% this week, the first increase in three weeks driven higher by the prospect of a reduction in production due to the Norwegian workers' strike movement.



The strike in Norway is expected to result in a reduction in the country's total production capacity of more than 330,000 barrels per day, or 8% of total production, according to the Norwegian Oil and Gas Association.


Meanwhile, oil prices were also supported by positive sentiment in the market following rising confidence following negotiations on the US fiscal stimulus package resumed after being stopped by President Donald Trump.