Oil prices steady as U.S. storm threat wanes | Reuters

Oil prices steady as U.S. storm threat wanes | Reuters

Oil prices steadied on Thursday after hitting a multi-week high a day earlier as the threat to U.S. Gulf crude production from Hurricane Nicholas receded.

Brent crude ended the session up 21 cents, or 0.3%, at $75.67 a barrel. On Wednesday Brent touched $76.13, its highest since July 30.

U.S. West Texas Intermediate (WTI) ended the session unchanged at $72.61 a barrel after climbing to the highest since Aug. 2 on Wednesday.

"With prices now back around summer highs, we are seeing some profit taking kicking in, but the rally continues to look well supported," said Craig Erlam, senior market analyst at OANDA.

U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas early this week, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida. read more