(Bloomberg) — Oil steadied after the biggest gain in more than two weeks as Hurricane Francine hit key crude-producing regions in the Gulf of Mexico.
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West Texas Intermediate was little changed above $67 a barrel after rallying by 2.4% on Wednesday in a volatile session, with Brent crude closing below $71. Hurricane Francine, which made landfall in Louisiana on Wednesday night, was charting a path that could hit four refineries, according to Bloomberg calculations. That led traders to cover short positions.
Crude is still markedly lower year-to-date, with steep declines spurred by concerns about weakening demand in top importer China, as well as signs of a US slowdown. In the US, nationwide commercial crude stockpiles expanded last week, with inventories of gasoline and distillates also higher.
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