Oil prices rise as Hurricane Delta approaches US Gulf of Mexico
Oil prices rose 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 an economic stimulus deal in the United States, the world’s biggest oil consumer.
US. West Texas Intermediate (WTI) crude futures rose 13 cents, or 0.3 per cent, to $40.08 a barrel at 0215 GMT, after falling 1.8 per cent on Wednesday.
Brent crude futures rose 20 cents, or 0.5 per cent, to $42.19 a barrel, after falling 1.6% 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.
