Oil prices rise amid Gulf of Mexico storm, Middle East tensions — Pajhwok

KABUL (Pajhwok): Global oil prices have risen amid concerns over potential supply disruptions caused by a storm in the Gulf of Mexico and escalating tensions in the Middle East, with Brent crude trading above $101 per barrel and US crude above $90. Reuters reported that on Wednesday, the price of Brent crude rose by 93 cents, or 0.92 percent, to $101.51 per barrel. Meanwhile, the price of US West Texas Intermediate (WTI) crude increased by 82 cents, or 0.92 percent, to $90.25 per barrel. The report said US weather agencies expected a storm forming in the Gulf of Mexico to develop into the first major hurricane of the Atlantic season within the next two days and affect oil and gas production facilities. The areas of the Gulf of Mexico along the storm’s path account for around 15 percent of US crude oil production and five percent of natural gas production. The storm could also affect the operations of six oil refineries. It added that refineries in states along the Gulf of Mexico account for nearly half of the US oil-refining capacity, while the country’s total refining capacity stands at around 18.2 million barrels per day. Meanwhile, market sources, citing the American Petroleum Institute, said US crude oil and petrol inventories fell last week. Reports indicate that US crude oil inventories…