WTI Crude Oil Rises Off an 18-Month Low as Tropical Storm Francine Forms in the Gulf of Mexico
West Texas Intermediate (WTI) crude oil closed higher on Monday, climbing off an 18-month low on dip buying and the formation of tropical storm Francine formed in the Gulf of Mexico that is expected to strengthen to hurricane status as it tracks towards oil-producing platforms offshore Texas and Louisiana.
WTI crude for October delivery closed up US$1.04 to settle at US$68.36 per barrel, while November Brent crude, the global benchmark, was last seen up US$0.91 to US$71.97.
Oil prices fell 11% last week as weak economic data from China and the United States heightened demand fears, even as OPEC+ deferred returning 180,000 barrels per day of shut-in production to the market and Libya supplies were disrupted amid political squabbling between the North African country's two competing governments.
Source: MT Newswires