(Bloomberg) — Oil held a one-day gain as a risk-on tone returned to wider markets, benefiting commodities including crude, while a storm menaced some supplies in the Gulf of Mexico.
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West Texas Intermediate was steady below $69 a barrel after gaining 1.5% on Monday to snap a five-day losing streak, while Brent closed near $72. US share markets rebounded on Monday from a steep decline spurred by concerns that US growth was slowing just as China’s economy faltered.
On the weather front, Tropical Storm Francine strengthened in the Gulf of Mexico, spurring oil drillers to evacuate crews as government forecasters increased the intensity outlook for a system now expected to slam into Louisiana as a Category 2 hurricane. On its expected track, Francine may rake nine major platforms.
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