JAKARTA - Oil prices crept up on Friday, following a tropical hurricane or possibly another hurricane, hitting the US Gulf Coast. The WTI (west texas intermediate) index for October freight rose 1.32 US dollars to 68.74 US dollars per barrel on the New York Trading Exchange.
The price of Brent crude for October delivery increased 1.63 dollars to close to 72.70 dollars a barrel on the ICE Futures Exchange in London.
This follows Hurricane Ida is expected to cause landslides along the northern US Gulf Coast this week.
"A tropical hurricane is currently hitting oil facilities in the Mexican Desert. A number of oil companies have started evacuating their oil and holding back production," said Commerzbank Research energy analyst Carsten Fritsch, quoted by ANTARA, Saturday, August 28.
According to the US Energy Information Administration, about 1.8 million barrels of crude oil are produced in the US Desert of Mexico, which is about 17 percent of US crude oil production.
During the week, US benchmark oil prices jumped 10.6 percent, while Brent oil prices rose 11.5 percent based on monthly advance contract prices.
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