Investors nervous tropical storm Nate could halt Gulf of Mexico oil production
Amsterdam/Singapore — Oil traded largely unchanged on Friday after a week of profit-taking and the return of oversupply concerns led the market lower, snapping a multiweek bull run that was Brent’s longest in 16 months. Investors were wary of tropical storm Nate shutting down some oil production in the Gulf of Mexico ahead of its expected arrival in the area as a hurricane on Sunday. "The biggest impact [from Nate] could be on [petrol] prices, depending on how many refineries are forced to shut down. But I don’t think we will see another bull run," said Frank Schallenberger, head of commodity research at LBBW in Stuttgart. Global benchmark Brent crude futures were up seven US cents at $57.07 a barrel at 8.48am GMT. Week-on-week, the contract was set for a near 1% loss, snapping a five-week winning streak that was the longest since June 2016. US West Texas Intermediate (WTI) oil was at $50.59, down 20c. It was set to close the week down more than 2%, the biggest weekly loss in three ...
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