New York — Oil prices fell about 1% on Wednesday after a US Gulf storm weakened and moved away from oil-producing areas, and on mounting concerns about global trade disputes and Turkey’s currency crisis hurting demand. US West Texas Intermediate (WTI) crude futures fell 69c to $69.18 a barrel by 3.10pm GMT. Brent crude fell 58c to $77.59 a barrel. The global benchmark had climbed in the previous session to $79.72 a barrel, its highest since May. Crude jumped on Tuesday as oil companies shut dozens of offshore platforms in anticipation of damage from Tropical Storm Gordon. The storm, however, never became a hurricane and by Wednesday energy companies and port operators along the US Gulf Coast took steps to resume operations. The storm "appears to have bypassed major crude production alleys as well as the Gulf coast refining infrastructure," Jim Ritterbusch, president of Ritterbusch and Associates, said in a note. Oil also weakened as the US-China trade dispute raised demand worries. ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.