The US oil future prices on the New York Mercantile Exchange are set for their biggest weekly gain since June as Hurricane Delta forced producers to shut 92% of crude output in the Gulf of Mexico. US WTI for November delivery fell slightly to $41.13/barrel on the NYMEX on Friday after climbing 3.1% on Thursday. The prices have been up by 11% this week.
Meanwhile, an ongoing oil worker strike in Norway has also buoyed prices. Brent for December settlement inched down 0.2% to $43.25/barrel on the ICE Futures Europe exchange after rising 3.2% in the previous session. The international benchmark prices are up 10% this week.
Delta has strengthened to a powerful Category 3 storm and is expected to make landfall in Louisiana by Friday evening with winds of 120 mph (193 kph). Delta’s storm surge is expected to reach as high as 11 feet in some places. Energy companies have evacuated staff from offshore production plants and activated hurricane plans at their onshore processing plants.
