Oil prices rose more than 3% on Tuesday, supported by expected supply disruptions from a hurricane approaching the Gulf of Mexico and an oil worker strike in Norway.
The market slipped in post-settlement trading, however, after U.S. President Donald Trump said he was instructing his administration not to negotiate a stimulus package until after the Nov. 3 election.
Brent crude futures LCOc1 settled at $42.65 a barrel, up $1.36 a barrel, or 3.29%. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $40.67 a barrel, rising $1.45, or 3.7%. In post-close trading, however, Brent fell to $42.19 while U.S. crude dropped to $40.13 a barrel.
Oil prices eased further after the close following American Petroleum Institute data that showed U.S. crude stocks climbed 951,000 barrels last week compared with analysts’ expectations in a Reuters poll for a build of 294,000 barrels.
Reference: Reuters
Reference: Reuters
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