Oil prices stabilise as soaring dollar offset by US output outages
Oil prices were broadly stable on Wednesday as pressure from a strengthening dollar and crude storage builds was offset by U.S. production cuts caused by Hurricane Ian.
Brent crude futures were up 5 cents, or 0.06%, at $86.32 per barrel by 0937 GMT, while U.S. West Texas Intermediate (WTI) crude futures were down 9 cents, or 0.1%, at $78.41 per barrel. Both contracts erased earlier falls after rising over 2% in the previous session.
In the Gulf of Mexico, about 190,000 barrels per day of oil production, or 11% of the Gulf’s total, were shut-in due to Hurricane Ian, according to offshore regulator the Bureau of Safety and Environmental Enforcement (BSEE).
