Forex – Oil futures prices rose early this morning as a potential hurricane system approached the U.S. Gulf Coast of Mexico.
West Texas Intermediate crude oil rose $1, or 1.48%, to $68.67 a barrel, and Brent of crude oilThe price of a barrel rose 99 cents, or 1.39 percent, to $72.05. West Texas Intermediate crude is currently trading at $68.56, up 89 cents from yesterday, while Brent crude is trading at $71.93, up 87 cents.
The U.S. National Hurricane Center said Sunday that a weather system in the southwestern Gulf of Mexico is forecast to become a hurricane before it reaches the northwestern U.S. Gulf Coast. The U.S. Gulf Coast accounts for about 60% of U.S. refining capacity.
“Sentiment has recovered somewhat from last week’s sell-off. Crude oil posted its biggest weekly decline in 11 months amid a dark economic backdrop. Weak U.S. employment data on Friday added to concerns about falling oil demand in the world’s biggest consumer,” said Tina Teng, an independent market analyst.
