(Bloomberg) — Oil headed for its first weekly gain in a month as storm Francine disrupted crude production, and a risk-on tone swept across wider markets ahead of expected Federal Reserve interest-rate cuts.
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West Texas Intermediate rose above $69 a barrel, extending a rebound from the lowest close since 2021, while Brent settled near $72. The storm — which weakened from its previous hurricane force — had forced a sizable shut-in of production in the US Gulf of Mexico. In broader markets, equities rallied as the dollar declined, a boost for commodities including crude.
Crude remains about 15% lower this quarter on concerns about a dimming demand outlook in top importer China. The International Energy Agency said that global demand growth in the first half was the lowest since the pandemic as China’s economy cooled, according to its monthly report this week.
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