Oil Prices Rose Despite European Trading During Tuesday

Oil prices rose on Tuesday due to a drop in Iranian crude oil exports, and the storm in the United States led to an impact on oil production. Michael is heading for Florida after closing about 19 percent of oil production and 11 percent of natural gas in the Gulf of Mexico

Oil pricescompanies operating in the Gulf of Mexico closed 19 percent of oil production as hurricane Michael moved to the Gulf states, including Florida.

The US dollar was mostly cutting off its meager losses on Tuesday, but the rise in oil prices for other currency holders failed to curb the advance of commodity futures on the market.

According to reports, Iran exports 1.1 million barrels per day of crude oil every seven days. Iranian Oil Minister Bijan Zangani on Monday described a Saudi claim that the kingdom could replace Iran’s crude exports as “nonsense” after Saudi Arabia, OPEC’s biggest producer, announced plans to raise crude production next month to 10.7 million barrels per day A record.

In other news, the International Monetary Fund said in its World Economic Outlook on Tuesday that it expected oil prices to trade at $ 68.78 a barrel in 2019 and $ 60 in 2023.

Oil continued to rise despite the announcement of Eni to expand its investment to enter projects in Libya where it is expected to reactivate the pursuit of oil and gas exploration on land, on Monday,

After Eni agreed to buy a 42.5 percent stake in BP for an undisclosed sum. The assets constitute half the shares of the British partner in the fields in Libya, which holds the remaining 15%. The LOI includes an initiative for social activities such as education and training.