WTI Crude Oil Rises Again as Hurricane Francine Cuts Supply While the IEA Cuts Its 2024 Demand Forecast
West Texas Intermediate (WTI) crude oil for a second day on Thursday, boosted by the supply cuts caused by Hurricane Francine's path through the Gulf of Mexico, while the International Energy Agency warned demand growth continues to wane as China's economy slows.
WTI crude oil for October delivery closed up $1.66 to settle at US$68.97 per barrel, while November Brent crude, the global benchmark, was last seen up US$1.49 to US$72.10.
Prices fell to the lowest in more than three years earlier in the week, with the market dominated by concerns over the prospects for economic slowdowns in China and the United States. However, now more than a third of gulf oil production is shut in because of the storm, which made landfall in Louisiana on Wednesday, returning the focus to tight supply.
The Bureau of Safety and Environmental Enforcement, the U.S. offshore regulator, on Thursday reported 169 producing platforms remain evacuated, shutting in 730,472 barrels per day of oil production, 42% of Gulf output.
Source: MT newswires
