Oil prices rise as Hurricane Delta approaches U.S. Gulf of Mexico

Oil prices rise as Hurricane Delta approaches U.S. Gulf of Mexico
  • Clock-gray 06:34
  • calendar-gray 08 October 2020

Oil prices rose on Thursday as oil workers evacuated rigs in the U.S. Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for an economic stimulus deal in the United States, the world’s biggest oil consumer, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures rose 13 cents, or 0.3%, to $40.08 a barrel at 0215 GMT, after falling 1.8% on Wednesday.

Brent crude futures rose 20 cents, or 0.5%, to $42.19 a barrel, after falling 1.6% on Wednesday.

With Hurricane Delta forecast to intensify into a Category 3 storm with winds of up to 120 miles per hour (193 km per hour), oil producers have evacuated 183 offshore facilities and halted nearly 1.5 million barrels per day (bpd) of oil output.

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