Oil scales six-week high as Storm Nicholas hits U.S. Gulf | Reuters
Oil prices hit a six-week high on Tuesday as Hurricane Nicholas weakened into a tropical storm, bringing the threat of widespread floods and power outages to Texas and Louisiana, and as the International Energy Agency forecast a big demand rebound for the rest of the year.
Brent crude was up 55 cents, or 0.8%, at $74.06 a barrel by 1334 GMT after hitting a session high of $74.28. U.S. West Texas Intermediate (WTI) crude climbed 51 cents, or 0.7%, to $70.96 after touching a high of $71.22.
Both contracts have risen for three consecutive sessions and were trading at their highest since early August.
Nicholas is the second major storm to threaten the U.S. Gulf region in recent weeks. Hurricane Ida killed more than two dozen people in August.
No comments:
Post a Comment