Brent crude rose 67 cents to $71.73 a barrel by 0901 GMT, while West Texas Intermediate crude futures were up 68 cents to $68.35
Oil futures jumped by about 1 per cent on Monday as a potential hurricane approaching the U.S. Gulf Coast helped oil prices to recover some of the previous week’s heavy losses.
Prices of Brent crude had fallen in each of the past six trading sessions, retreating by more than 11 per cent, or nearly $9 a barrel, to register the lowest closing price since December 2021 on Friday. A weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast, the U.S. National Hurricane Center said on Sunday. The U.S. Gulf Coast accounts for about 60 per cent of U.S. refining capacity.
The OPEC+ oil producer group last week agreed to delay a planned output increase of 180,000 barrels per day for October by two months in reaction to tumbling crude prices Trading houses Gunvor and Trafigura expect oil prices to range between $60 and $70 a barrel because of sluggish Chinese demand and persistent oversupply, executives told the APPEC conference in Singapore on Monday.
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