Dhe oil prices initially barely changed at the beginning of the week. The severe Hurricane Ida, which also crossed the oil-rich American Gulf region, did not initially cause major price fluctuations. A barrel (around 159 liters) of the North Sea Brent cost $ 72.75 on Monday morning. That was 5 cents more than on Friday. The price of the American West Texas Intermediate (WTI) variety fell by 28 cents to $ 68.46.
Before Hurricane Ida hit land on Sunday in the southeastern United States, it crossed the oil-rich region of the Gulf of Mexico. Much of the oil production in the region has been partially shut down for safety reasons. So far, however, the effects on the production facilities seem to be limited.
The topic that continues to dominate the oil market is the progress of the corona pandemic, as the effects on the expected demand for crude oil are considerable. Oil prices rose last week, although the Corona Delta variant is spreading rapidly in many countries. The good financial market sentiment and the weaker US dollar were cited as support on the market.