Oil holds its ground in face of approaching storms and concerns over fuel demand
Hurricane Marco and Tropical Storm Laura force energy companies to pull workers from offshore platforms and shut down output
24 August 2020 - 07:56
Singapore — Crude oil prices remained steady on Monday as storms closed in on the Gulf of Mexico, shutting more than half the region’s oil production, though prices were capped by ongoing concerns about fuel demand being sapped by coronavirus lockdowns.
Brent futures slipped 2c, or 0.1%, to $44.33 a barrel by 5.16am, while US West Texas Intermediate crude was down 2c, or 0.1%, to $42.32 a barrel. Both benchmark contracts had risen early on Monday...
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