Oil weakens on fears Irma could dent U.S. demand

11 Sep 2017   Prices

Oil prices edged lower on Monday on concerns that Hurricane Irma’s pounding of heavily populated areas of Florida could dent oil demand in the world’s top oil consuming nation. Losses were capped by weekend talks between Saudi Arabia’s oil minister and counterparts over a possible extension to a pact to cut global oil supplies beyond next March. Brent crude oil futures for November delivery LCOc1 were up 5 cents at $53.73 a barrel while benchmark U.S. West Texas Intermediate crude CLc1 advanced by 32 cents to $47.80. Hurricane Irma knocked out power to nearly four million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. “We believe that Irma will have a negative impact on oil demand but not on oil production or processing,” Goldman Sachs analysts said in a note. Irma is forecast to weaken to a tropical […]

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