Oil prices fall as Hurricane Rafael is expected to begin to weaken According to Reuters
SINGAPORE (Reuters) – Oil prices edged lower on Friday as the risk that a hurricane in the Gulf of Mexico will affect U.S. oil and gas supplies eased as the market continued to gauge how President-elect Donald Trump’s policies could affect supply.
Futures were down 26 cents, or 0.3%, at $75.37 a barrel by 0209 GMT. US West Texas Intermediate (WTI) crude gained 35 cents or 0.5% to $72.01. The ratings fell after rising nearly 1% on Thursday.
For the week, Brent will gain 3.1% and WTI will rise 4.1%
Hurricane Rafael, which has caused the shutdown of 391,214 barrels per day of oil production, is expected to move slowly westward over the Gulf of Mexico and away from US fields while it is forecast to weaken from Friday through the weekend, the US National Hurricane Center said. . .
Prices adjusted on Friday after gaining support Thursday on expectations that the incoming Trump administration may tighten sanctions on Iran and Venezuela, which could limit supply, although a stronger dollar and lower imports from China compounded the gains.
A strong dollar makes oil more expensive for some currencies and tends to weigh on prices.
Downward pressure also came from data showing crude imports from China, the world’s largest oil importer, fell 9% in October, the sixth consecutive month of year-on-year declines, and rising US crude imports.
