Oil prices rise as storms cut US output

26/08/2020 Argaam

 

Brent crude oil prices rose on Wednesday, lifted by US producers shutting most of their offshore output in the Gulf of Mexico ahead of Hurricane Laura.

 

Brent crude oil futures added 12 cents, or 0.3%, to $45.98 a barrel, while US West Texas Intermediate crude remained steady at $43.35 a barrel.

 

However, gains were limited due to renewed concern over the pandemic after reports from Europe and Asia of patients being re-infected with the virus.

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