Crude futures for November delivery on the NYMEX soared to $55.02 per barrel today morning.
In the Gulf of Mexico, over 20 million barrels of crude remain shut in as recovery efforts continue to get production levels back to normal.
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Unprecedented New Week Oil Price
Today crude oil price at Asian trading surged to unseen level
Today crude oil price at Asian trading surged to unseen level of $55 per barrel.
Crude futures for November delivery on the NYMEX soared to $55.02 per barrel today morning.
Declines in U.S. distillate stocks, which include heating oil and jet fuel, just before the Northern Hemisphere winter are the latest in a line of supply factors to concern the oil markets.
The U.S. Energy Department said in its weekly petroleum supply report last week that commercially available supplies of heating oil declined by 1.2 million barrels for the week ending Oct. 8, falling to 50.0 million barrels, or 10 percent below year-ago levels.
In the Gulf of Mexico, over 20 million barrels of crude remain shut in as recovery efforts continue to get production levels back to normal.
Crude futures for November delivery on the NYMEX soared to $55.02 per barrel today morning.
In the Gulf of Mexico, over 20 million barrels of crude remain shut in as recovery efforts continue to get production levels back to normal.
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