Oil price above $54 at week beginning Sep. 11
- Brent crude price sees $54.10 per barrel while WTI is recorded as $47.89 on Monday

International benchmark Brent crude increased by 0.60 percent to $54.10 per barrel on Monday at 06.49 GMT compared to the closing price on Friday of $53.78.

American benchmark West Texas Intermediate (WTI) decreased slightly by 0.86 percent to $47.89 at 06.49 GMT.

According to the latest report of Baker Hughes, U.S. oil rigs decreased by 4 to 756 last week.

Investors are concerned that Hurricane Irma may force refineries to shut down around the U.S.' Gulf of Mexico. The cost of damages in Florida from Irma is estimated to rise to as much as $125 billion, according to research by the financial services company Credit Suisse on Wednesday.

Previously during Hurricane Harvey, which hit the state of Texas last month, approximately one-fourth of the country's refinery capacity was taken offline. With diminished capacity, refineries' crude oil demand decreases, which leaves a glut of supply in an already oversaturated crude market.

The current decline in prices, however, is expected to be short lived, according to experts.

By Gulsen Cagatay

Anadolu Agency

11 Sep,2017