Oil prices inch higher

Oil prices inch higher

Oil rates once again motioned up as the Hurricane Delta pushed workers of the US Mexico Gulf to evacuate the rigs on Thursday. However, the demand for the fuel remained in tatters due to negligible chances of the stimulus package. Interestingly, the US is the biggest consumer of oil globally. 

 

Notably, the Brent Crude surged to $42.19 a barrel, a rise of twenty cents or 0.5 per cent growth. Likewise, the WTI Crude futures inched up to $40.08 per barrel, which is a rise of 0.3 per cent or 13 cents at 0215 GMT. Notably, it had fallen by 1.8 per cent on Wednesday. 

 

Citing the intensity of the Hurricane Delta catapulting into the category three storm, oil producers have laid off around 183 offshore facilities. It had led to temporarily stoppage of 1.5 million BPD output. Interestingly, winds speeding 120 miles per hour have been forecast to blow. 

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