Oil prices rose more than 1% today, spurred by concerns of Hurricane Francine impacting output in the US, the world’s biggest crude producer, though worries of lower demand capped gains.
Brent crude futures for November were up $1, or 1.4% at $71.61 a barrel. US crude futures for October were up 92 cents, or 1.4%, at $68.23 a barrel.
Both contracts rose by more than 2% in the previous session as offshore platforms in the US Gulf of Mexico were shut and refinery operations on the coast disrupted by Hurricane Francine’s landfall in southern Louisiana on Wednesday.
US oil stockpiles rose across the board last week as crude imports grew and exports dipped. The data also showed gasoline demand fell to its lowest since May, the Energy Information Administration said.
Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year (2025), its second consecutive downward revision.
Source: Oman News Ag
ency