WTI crude oil prices fell today. US offshore oil production is reported to have recovered after Hurricane Nicholas passed through Texas earlier this week.
As of 19.14 Thai time, the West Texas Intermediate Crude Oil (WTI) contract was delivered in October. It was down 44 cents, or 0.61%, at $72.17 a barrel.
Edward Moya, an analyst at OANDA, said U.S. offshore crude oil production continued to recover, with only 28 percent of the Gulf of Mexico production closed as of Thursday, better than that. Over the past 50% production has been suspended due to the effects of Hurricane Ida and Hurricane Nicholas.
The report also stated that U.S. Gulf Coast energy companies have been able to quickly restore service to pipelines and power systems. After Hurricane Nicholas passed through Texas earlier this week. This allows energy company officials to assess the situation and repair the damage caused by the hurricane.