Oil holds near $75 on speculation storm may worsen supply risk

Oil held near $75 a barrel as Hurricane Michael threatened supply in the U.S. just as the nation’s stockpiles were forecast to increase.

Futures in New York were little changed after rising to a week’s high on Tuesday. Hurricane Michael has curtailed production in the Gulf of Mexico by 40 percent as it rushes toward Florida as a “dangerous” storm. U.S. crude inventories probably rose for a third week, according to a Bloomberg survey.

“Hurricane Michael is the top concern for the oil market this week,” said Jens Naervig Pedersen, senior analyst at Danske Bank A/S in Copenhagen…

 

Click Here for Remainder of Article 

Posted in: Daily News

About the Author:

Post a Comment