Oil steadies; virus concerns weigh as hurricane heads to U.S. - Reuters

Oil steadies; virus concerns weigh as hurricane heads to U.S. - Reuters:

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.

The U.S. energy industry was preparing for Hurricane Laura, forecast to become a Category 4 hurricane with heavy rains and catastrophic, 130 mile-per-hour (209 kph) winds that will drive ocean waters up to 30 miles (48 km) inland, forecasters said. Nine oil-processing plants that convert nearly 2.9 million barrels per day of oil into fuel, and account for about 15% of U.S. processing, were shutting down.