DIGIVESTASI - World oil prices fell on Friday (13/9/2024), as crude oil production in the Gulf of Mexico region recovered after being hit by Tropical Storm Francine.

According to a Reuters report, the price of West Texas Intermediate (WTI) oil for October 2024 delivery fell 32 cents or about 0.5 percent to US$68.65 per barrel on the New York Mercantile Exchange. Meanwhile, the price of Brent crude oil for November 2024 delivery fell 36 cents or about 0.5 percent to US$71.61 per barrel on the London ICE Futures Exchange.

However, over the past week, WTI and Brent oil prices recorded increases of 0.8 percent and 1.4 percent, respectively.

Bob Yawger, director of Mizuho energy futures in New York, explained that the recovery of oil production in the Gulf of Mexico and refineries that had returned to normal made investors start to release oil contracts towards the end of the week. Refining activity is expected to resume full operations early next week.

Meanwhile, a report from oil services company Baker Hughes showed an increase in the number of active oil drilling facilities in the United States. In the week ending September 13, the rig count rose by eight units to a total of 590.