Katya Golubkova
TOKYO (Reuters) – Oil costs have been flat on Thursday as issues about falling demand erased positive aspects within the earlier session because of the influence of Hurricane Francine on output in america, the world’s prime crude producer.
November futures rose 24 cents, or 0.34%, to $70.86 a barrel. October futures have been up 20 cents, or 0.30%, at $67.52 by 0044 GMT.
On Wednesday, as Hurricane Francine made landfall in southern Louisiana, offshore platforms within the U.S. Gulf of Mexico have been closed and coastal refinery operations have been disrupted. Each contracts rose by greater than $1, or greater than 2%, within the earlier buying and selling day.
However because the storm lastly dissipated after making landfall, the oil market’s consideration turned once more to falling demand.
The U.S. Power Data Administration mentioned on Wednesday that U.S. oil inventories rose throughout the board final week as crude oil imports grew and exports fell.
Information additionally confirmed that gasoline demand fell to its lowest stage since Could, whereas distillate demand fell and refinery operations additionally fell. The US is the world’s largest oil shopper.
Earlier this week, the Group of the Petroleum Exporting International locations lower its forecast for world oil demand development in 2024 and lowered its forecast for subsequent yr, its second consecutive discount.
“Oil merchants are actually trying to the Worldwide Power Company’s month-to-month market report later this week for any indicators of a weakening demand outlook,” ANZ Analysis mentioned in a notice on Thursday.
