Wall Street rebounded on Friday, led by companies that would benefit most from a healthier economy. OPEC plus members due to meet on Monday could consider raising production levels to meet rising demand, Mizuho Bank said in a commentary. OPEC and other major oil producers were stung by deep production cuts in 2020 during the depths of the pandemic and have been increasing output slowly. Oil prices have been hovering at 3-year highs after Hurricane Ida slammed into a critical port that serves as the primary support hub for the Gulf of Mexico’s deepwater offshore oil and gas industry in the U.S., worsening the supply situation, at least temporarily. It gained 85 cents to $75.88 per barrel on Friday.īrent crude, the international standard for pricing, lost 16 cents to $79.12 per barrel. benchmark crude oil shed 21 cents to $75.67 per barrel in electronic trading on the New York Mercantile exchange. produces more than 18 million barrels of crude oil a day.

The amount leaked was about 3,000 barrels, while the U.S. The environmental impact was likely to be much worse than any effect on overall oil supplies. By late Sunday the leak was reported stanched. There was no sign that a spill from a pipeline off the California coast was having an impact on prices.Īn estimated 126,000 gallons (572,807 liters) of heavy crude were thought to have leaked from an underwater pipeline offshore from Orange County. Markets were closed for holidays in Shanghai and South Korea.Ĭrude prices fell slightly ahead of a meeting of major oil producers.

Arizona storage shed