Oil Spikes, As Storm Loses Strength


Oil prices once again rose on Tuesday in the early trades after the news of a tropical storm getting weaker as it approaches the Gulf of Mexico broke. However, the demand worries trimmed the excitement due to the growing coronavirus pandemic globally and the flare-ups of the second wave.

West Texas Intermediate US rose to $39.57 by 0.7 per cent or 26 cents at 0224 GMT. The crude futures are for October. Besides, the November contract hiked to $39.69, which is 0.4 per cent or 15 cents. On the other side, Brent crude futures surged to $41.57 a barrel which is 0.3 per cent or 13 cents hike.

Notably, the prices of crude recovered after the refineries remained open despite the weather forecast for the storm.


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