Oil slips to $75 as threat to US Gulf production from storm wanes
LONDON (Reuters) -Oil slipped to about $75 a barrel on Thursday, falling from a multi-week high a day earlier, as the threat to U.S. Gulf production from Hurricane Nicholas receded.
U.S. Gulf energy companies have been able to restore pipeline service and electricity quickly after Hurricane Nicholas passed through Texas, allowing them to focus on efforts to repair the damage caused weeks earlier by Hurricane Ida.
Brent crude was down 39 cents, or 0.5%, at $75.07 a barrel by 1342 GMT. On Wednesday Brent touched $76.13, its highest since July 30. U.S. West Texas Intermediate (WTI) slipped by 19 cents, or 0.3%, to $72.42.
“As Nicholas spared U.S. production from further disruptions, it is difficult to see how oil prices can increase further in the near term,” said Rystad Energy analyst Nishant Bhushan.
