Home / World News / Oil prices up on storm-hit US output and Covid-19 treatment hopes

Oil prices up on storm-hit US output and Covid-19 treatment hopes

Brent crude was up 53 cents, or 1.2%, at $44.88 a barrel by 11:22 a.m. EDT (1522 GMT). U.S. West Texas Intermediate crude rose 28 cents, or 0.7%, to $42.62

Premium

Energy companies shut more than 1 million barrels per day (bpd) of offshore crude oil production in the US Gulf of Mexico because of the twin threat from Hurricane Marco and Tropical Storm Laura

Laila Kearney | Reuters New York

2 min read Last Updated : Aug 24 2020 | 10:08 PM IST

Oil prices strengthened on Monday as storms threatening the Gulf of Mexico shut more than half of the region's oil production and on expectations of progress in the development of a Covid-19 treatment.

Brent crude was up 53 cents, or 1.2%, at $44.88 a barrel by 11:22 a.m. EDT (1522 GMT). US West Texas Intermediate crude rose 28 cents, or 0.7%, to $42.62.

"Prices are taking their cues from Mother Nature this morning as two storms bear down on the Gulf of Mexico. Half of the region's production has been shut down, though gains will be limited by the threat

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in