Oil prices stabilize, set for biggest monthly loss since October

31/08/2021 Argaam

Oil rigs

Oil prices stabilized on Tuesday after Hurricane Ida forced many oil platforms in the Gulf of Mexico to suspend their activity, but are heading towards recording the largest monthly loss since last October.

 

Forecasts indicate that crude oil producers in the Gulf of Mexico may begin to restore their services gradually after the collision of the Hurricane Ida Coasts in Louisiana, Bloomberg reported.

 

OPEC may decide to keep its oil production policy unchanged during its meeting on Wednesday, media reports suggested.

 

Brent crude for October delivery settled at $73.41 a barrel at 09:05 am Makkah time.

 

NYMEX crude contracts for October delivery also stabilized at $69.25 a barrel.

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