Oil prices the week of Sept. 6 rose 42 cents at the Brent (North Sea) to the price of $53.80 on London’s Intercontinental Exchange for delivery in November.
Both Brent and WTI reached records at $54 and $49.02, respectively, while electronic exchanges for NY Mercantile Exchange (Nymex) with a contract for October increased to $48.83, up 17 cents.
Additionally, Russian and Saudi ministers of energy met to discuss the concept of limiting production, in the hopes of helping to balance the market and reduce production targets.
The supply-reduction plan with OPEC and Non-OPEC countries can be carried out to March 2018, if necessary, Russian Energy Minister, Alexander Novak claimed.
Both Hurricane Harvey and Hurricane Irma prompted crude prices to fall.
