empty
 
 

2020.08.2519:00:00UTC+00Oil Prices Move Higher On Hurricane Threat

Oil prices moved higher on Tuesday, fueled by storm-driven production cuts in the U.S. Gulf Coast as traders look ahead to API inventory data.

Benchmark Brent crude rose 92 cents, or 2.04 percent, to $45.92 a barrel, while U.S. West Texas Intermediate crude futures spiked 99 cents of $2.34 to $43.38 a barrel.

Energy producers have reportedly shut more than 1.5 million barrels per day of Gulf Coast offshore oil production, nearly 14 percent of the nation's total output as Tropical Storm Laura moved toward the Gulf of Mexico.

The storm is expected to strengthen into a category 1 hurricane as it approaches the Louisiana/Texas coast.

On the coronavirus front, the World Health Organization (WHO) said that the Covid-19 pandemic is still expanding, but the rise in cases and deaths has slowed globally, except for Southeast Asia and the eastern Mediterranean regions.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $5000 more!
    In November we raffle $5000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback