Nuclear
North Korea crisis hits oil prices at week starting Sep. 4
- North Korea's nuclear test explosion hits brent oil prices at the beginning of this week

International benchmark Brent crude decreased by 0.31 percent to $52.62 per barrel on Monday at 06.45 GMT compared to the closing price on Friday of $52.78.

American benchmark West Texas Intermediate (WTI) also decreased by 0.14 percent to $47.28 at 06.45 GMT.

Last week on Saturday, Hurricane Harvey was downgraded to a tropical storm after the Category 4 hurricane caused heavy damage and electrical outages for nearly 400,000 homes and businesses across the Texas coast. Additionally, oil refineries were shutting down due to the rainfall and flooding from Hurricane Harvey.

The oil market was also affected by the North Korea crisis this week.

Increasing with the Hurricane Harvey, oil prices started to decrease after the North Korea nuke crisis as it put downward pressure on crude.

North Korea claimed to have detonated a new hydrogen bomb Sunday, confirming suspicions of the reclusive state's sixth-ever nuclear test after outside monitors noted a large artificial earthquake.

Pyongyang's official KCNA news agency later announced that its "perfect" test involved a hydrogen bomb that could be mounted on a North Korean intercontinental ballistic missile or ICBM.

 

By Murat Temizer

Anadolu Agency

energy@aa.com.tr

04 Sep,2017
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