Reported 4 months ago
Oil prices rebounded after concerns over Tropical Storm Francine potentially disrupting supply outweighed demand worries. Brent crude rose to $69.58 a barrel while U.S. crude increased to $66.19, despite both benchmarks suffering significant declines earlier. The storm has already led to a suspension of some production facilities, impacting 24% of crude and 26% of natural gas output in the Gulf of Mexico. Meanwhile, OPEC downgraded its global demand forecasts, adding to market apprehension about future demand.
Source: YAHOO