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Oil prices rise towards $41 on US Gulf shutdowns, weak outlook

Companies including BP, Chevron and Equinor ASA evacuated rigs, and so far producers have shut 16%, or 293,656 barrels per day (bpd) of oil output due to Hurricane Zeta.

Crude oil
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Brent crude was up 20 cents, or 0.5%, at $40.66 per barrel by 1344 GMT. US oil gained 18 cents, or 0.5%, to $38.74. Both contracts fell more than 3% on Monday

Reuters
Oil rose on Tuesday towards $41 a barrel as oil companies shut down some US Gulf of Mexico oil output due to a hurricane, although surging coronavirus infections and rising Libyan supply limited gains.
 
Companies including BP, Chevron and Equinor ASA evacuated rigs, and so far producers have shut 16%, or 293,656 barrels per day (bpd) of oil output due to Hurricane Zeta.
 
Brent crude was up 20 cents, or 0.5%, at $40.66 per barrel by 1344 GMT. US oil gained 18 cents, or 0.5%, to $38.74. Both contracts fell more than 3% on Monday.
 
"Whilst Hurricane Zeta could provide

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First Published: Oct 27 2020 | 7:40 PM IST

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