Oil rises as storm batters US Gulf of Mexico output

Quick Summary:

Oil prices rose over 2% on Thursday as producers assessed the impact on output in the US Gulf of Mexico after Hurricane Francine tore through offshore oil-producing areas before being downgraded to a tropical storm.

US gasoline prices are trending towards a three-year low because of weak demand and abundant supplies, analysts said.

Over 730,000 barrels per day, or nearly 42%, of Gulf of Mexico oil output was shut-in due to storm Francine on Thursday, the US Bureau of Safety and Environmental Enforcement said.

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Category: EconomyBusiness

Markets: MalaysiaChinaMexico

Topics: Commodities LibyaCrisis CrudeFutures /Business/ OilPrices EnergyMarket HurricaneImpact GlobalDemand GulfOfMexico USOilProduction

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-09-13 @ 06:30:00 (6 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 494 words

Reading Time: 3 minutes read

Sentences: 24 lines

Sentence Length: 21 words per sentence (average)

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Copyright Owner: © The Star

News ID: 22479310

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