Oil Futures Rise As Storm Crosses Offshore Oil Patch
Oil futures rise as Hurricane Francine causes some U.S. offshore production to be shut in, with the rebound from yesterday's heavy selling tempered by weekly builds in U.S. crude and product stockpiles.
The EIA reported an 833,000 barrel increase in crude stocks, and 2.3 million barrel increases in gasoline and distillate fuels. "With summer driving season over and refining margins struggling, refiners have scheduled a rather aggressive maintenance season, which has the potential to expand further if refinery economics do not improve soon," Mizuho's Robert Yawger says in a note. "That would tend to send unused barrels to storage."
WTI settles up 2.4% at $61.31 a barrel, and Brent rises 2.1% to $70.61 a barrel.
Source: Marketwatch