Oil steadies; virus concerns weigh as hurricane heads to U.S.
Oil prices steadied on Wednesday, pressured by worries about the demand outlook during the coronavirus pandemic but buoyed as U.S. producers shut output in the Gulf of Mexico ahead of Hurricane Laura.
Renewed worries over the pandemic, which has squeezed demand and sent prices to record lows in April, dampened market sentiment after reports this week of patients being re-infected, raising concerns about future immunity.
Brent crude LCOc1 fell 22 cents to settle at $45.64 a barrel, while U.S. West Texas Intermediate crude CLc1 rose 4 cents to $43.39 a barrel. Both benchmarks settled at a five-month high on Tuesday.
Hurricane Laura races toward heart of U.S. oil refining industry
Laura intensified into a strong Category 4 hurricane on Wednesday as it raced over evacuated oil production platforms in the U.S. Gulf of Mexico and took aim at the energy industry’s refining hub along the Texas/Louisiana coast.
Reference: Reuters
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