Oil Rises on Storm Watch But Bearish Mood Persists in Financial Markets
Monday, 9 September 2024, 01:25
Oil Prices Respond to Storm Watch
Oil prices experienced a notable rise of more than 1% after enduring a steep weekly loss. This uptick aligns with concerns from the U.S. regarding a weather system developing in the Gulf of Mexico, which could intensify into a hurricane by midweek, potentially affecting offshore oil-and-gas production.
Market Reaction
- Brent crude increased by 1.1%, landing at $71.84 per barrel.
- WTI crude also rose 1.1%, hitting $68.46 a barrel.
Despite this temporary rise, the market continues to grapple with fears of an oversupplied environment, leading to a bearish sentiment that persists among traders.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.