Oil prices edge up as Hurricane Delta approaches US Gulf of Mexico
Oil prices inched up on Thursday as oil workers evacuated rigs in the US Gulf of Mexico ahead of Hurricane Delta, though fuel demand concerns persisted on fading chances for a US economic stimulus deal and a build in US crude inventories.
US West Texas Intermediate (WTI) crude futures rose 3 cents, or 0.1 per cent, to $39.98 a barrel at 0435 GMT, after falling 1.8 per cent on Wednesday.
Brent crude futures rose 9 cents, or 0.2 per cent, to $42.08 a barrel, after falling 1.6 per cent on Wednesday.
With Hurricane Delta forecast to intensify into a Category 3 storm with winds of up to 120 miles per hour (193 km per hour), oil producers have evacuated 183 offshore facilities and halted nearly 1.5 million barrels per day (bpd) of oil output.
