Oil slips to $75 as U.S. storm threat wanes | Reuters

Oil slips to $75 as U.S. storm threat wanes | Reuters

Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded.

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

Brent crude was down 32 cents, or 0.4%, at $75.14 a barrel by 1235 GMT. On Wednesday Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) slipped by 46 cents, or 0.6%, to $72.15.

"As Nicholas spared U.S. production from further disruptions, it is difficult to see how oil prices can increase further in the near term," said Rystad Energy analyst Nishant Bhushan.