Oil Holds Near $75 on Speculation Storm May Worsen Supply Risk - Bloomberg

Oil Holds Near $75 on Speculation Storm May Worsen Supply Risk - Bloomberg:

Oil held near $75 a barrel as Hurricane Michael threatened supply in the U.S. just as the nation’s stockpiles were forecast to increase.

Futures in New York were little changed after rising to a week’s high on Tuesday. Hurricane Michael has curtailed production in the Gulf of Mexico by 40 percent as it rushes toward Florida as a “dangerous” storm. U.S. crude inventories probably rose for a third week, according to a Bloomberg survey.