Oil rises as U.S. storm eases, but demand worries linger

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22 September 2020

Oil rose in early trade on Tuesday, paring sharp overnight losses, as the latest tropical storm in the Gulf of Mexico lost strength, but worries about fuel demand persisted with flare-ups around the globe in coronavirus cases, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures for October, due to expire on Tuesday, rose 26 cents, or 0.7%, to $39.57 a barrel at 0224 GMT. The more active November contract rose 15 cents, or 0.4%, to $39.69.

Brent crude futures rose 13 cents, or 0.3%, to $41.57 a barrel.

Crude prices started to recover as Texas refineries stayed open despite forecasts of heavy flooding, with Tropical Storm Beta expected to keep losing strength, allaying worries about U.S. refinery demand for feedstock.

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