The price of oil raised globally to around $73 a barrel

If Jordan were to reach maximum oil production, it could be enjoying up to 1 million barrels a day, claims geologist Zuhair Sadiq. (Photo: Pixabay)
(Photo: Jordan News)
AMMAN— The price of an oil barrel increased to $73, on Friday, highlighting a high of supply scarcity in the USA due to Hurricane Ida, on Friday according to Al-Ghad News. This boosted the US-China risker assets trade.اضافة اعلان

Since the end of August, around three-quarters of off-shore oil production, amounting to around 1.4 million barrels daily in the American Gulf have been halted.

Stephen Brennock, an oil broker with PVM said: “With the restart in offshore crude production lagging, the odds are that the Ida effect will still be felt in the coming weeks.”

Brent crude increased by 1.7 percent to reach $1.20, to $72.65 at 08:25 Greenwich time, while the West Texas Intermediate (WTI) crude reached $69.19, an increase of $1.05 or 1.5 percent, according to Al-Ghad.

The phone call between President Joe Biden and President Xi Jinping caused a boost in the oil and equity market. The call indicated hopes for warmer relations and international trade, according to analysts.

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