Brent crude oil prices lower despite Gulf of Mexico idling

10 Oct 2017   Prices

Crude oil prices were drifting into negative territory early Monday on suggestions that more U.S. shale oil could move into the global marketplace. Crude oil prices have been on a general downward trend for most of October, eating into September gains sparked by the upheaval that Hurricanes Harvey and Irma brought to the U.S. energy sector. Markets so far have shrugged off the impact from now post-tropical cyclone Nate, which idled about 90 percent of the total oil production capacity in the Gulf of Mexico. An emailed report from Bank of America- Merrill Lynch said Monday that recent gains in crude oil prices could help drive U.S. shale production through next year. “Given its short-cycle nature and large […]

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