WTI crude oil prices fell by 2.7% as concerns over a prolonged disruption in oil supply from the Gulf of Mexico eased. The futures for December delivery dropped by $1.98, or 2.74%, to settle at $70.38 per barrel. Despite this decline, the futures saw a weekly gain of approximately 1.3%.
Earlier, over 22% of oil production in the Gulf of Mexico was shut down as a precaution against Hurricane Rafael, causing WTI prices to rise by more than 1% in the previous trading session. However, updated forecasts for the hurricane's path and strength suggested reduced risk to oil operations in the Gulf, contributing to the decrease in oil prices.
