16-09-2020
Oil prices rose above 2% on Tuesday, supported by demand breakdown in the United States caused by a hurricane. However, fears toward demand appear again amid anticipations within the sector for a slower recovery than expected following the pandemic.
Brent crude increased 92 cents, equal to 2.3% to settle at US$ 40.53 a barrel. However, the US WTX crude futures increase US$ 1.02, equal to 2.7% to close at US$ 38.28 although both crudes was down on Monday.
The increase in prices of the oil futures comes a head of the expected hit of Sally hurricane to the US coasts on the Mexican gulf. The production of the US oil and marine gas has suspended and main exportation ports closed with the turn of the hurricane toward the east to east Alabama avoiding some of the refineries on the gulf coast.