Oil prices hike after hurricane shows effect

Oil prices hike after hurricane shows effect (1)

After slipping down unprecedentedly five per cent overnight, that pushed down WTI and Brent futures below USD 40 mark, the Asian market on Thursday showed some exuberance. The hurricane Zeta rallied it after shutting down the production in the Gulf of Mexico. 

 

Brent oil futures edged down to $39.62, losing 0.05 per cent by 3:59 AM GMT. However, WTI futures managed to pull up a trick and surged to USD 37.48, gaining 0.24 per cent. 

 

Prices of oil took a major beating after huge markets, and consumers like France and Germany announced big measures of restrictions and lockdowns to counter the second wave of COVID-19. 

 

The pandemic cases are elevating in the US and Europe rapidly. The report and information sent a shock of fear among investors and out of apprehensions concerning the economic slump, oil prices slid more than 5 per cent.

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