Benchmark oil prices are rising on Monday morning.
Quotes for September futures for Brent on the London ICE Futures exchange by 8:14 a.m. increased by $0.38 (0.45%) to $85.38 per barrel. On Friday, their price rose by $0.26 (0.3%) to reach $85 per barrel. August contracts, which expired at the end of the previous trading, rose in price by $0.02 to $86.41 per barrel.
August futures for WTI in electronic trading on the New York Mercantile Exchange (NYMEX) in the morning added $0.36 (0.44) to $81.9. On Friday, the value of these contracts decreased by $0.2 (0.2%) and amounted to $81.54 per barrel at the close of the session.
In June, Brent rose in price by 1.2%, WTI – by 5.9%.
The hurricane season has begun in the Atlantic, and traders are watching to see how it might affect oil trade in the US.
As Hurricane Beryl approaches the Caribbean from the southeast, it has strengthened to a category four, the Associated Press reports.
“This is a very dangerous situation,” the US National Hurricane Center (NRC) said. According to its forecasts, Beryl will cause a storm surge and pose a threat to life due to wind speed.
