Oil prices inch higher as tropical storm halts at U.S. production

21.09.2020 - Davydova Maria
Oil prices inch higher as tropical storm halts at U.S. production

Oil prices inched higher on Monday after a third tropical storm this month aimed for the U.S. Gulf of Mexico, halting some production in the region. However, gains remained limited on the possible return of Libya’s oil production and a resurgence of new COVID-19 cases globally.

Brent crude fell 0.2% (9 cents) lower, trading at $43.24 per barrel by 0230 GMT (10:30 PM ET), while U.S. crude lost 0.2% (10 cents), trading at $42.21 per barrel.

Tropical Storm Beta is forecasted to bring 30 centimeters of rain to parts of coastal Texas and Louisiana as the Atlantic hurricane season moves ashore on Monday night, the National Hurricane Center said.

Meanwhile, Libya’s National Oil Corp lifted force majeure on what it deemed secure oil ports and facilities on Saturday, but said the measure would remain in place for facilities where fighters still remain.

A resurgence of COVID-19 cases globally also attributed to an easing in crude demand, with over 30.78 million people have been reported, and a death toll reaching 954,843 according to a Reuters tally.

Risk disclaimer "Market Solutions Ltd – Suite 305 Griffith Corporate Centre P.O. Box 1510 Beachmont, Kingstown, St Vincent and the Grenadines is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0128 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of Market solutions Ltd and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.ai or Market Solutions limited." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?