Oil prices steady as Gulf of Mexico coast braces for Hurricane Laura - Reuters

Oil prices steady as Gulf of Mexico coast braces for Hurricane Laura - Reuters:

Oil prices held steady on Thursday as a massive hurricane in the Gulf of Mexico raced towards the heart of the U.S. oil industry, which has forced oil rigs and refineries to shut down production.

Brent crude LCOc1 futures for October, which expire on Friday, rose 13 cents, or, 0.3% to $45.77 a barrel by 0540 GMT, having fallen 22 cents, or 0.5%, on Wednesday. The more active November Brent contract LCOc2 was up 10 cents at $46.26 per barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 futures inched up 1 cent to $43.40 a barrel.

The threat from Hurricane Laura has pushed the market higher this week, but the storm is not expected to affect supplies much because oil and product inventories remain high due to the coronavirus pandemic’s hit to fuel demand.