Oil futures log highest finish since early March

 

 

Oil futures finished higher Tuesday, with U.S. benchmark prices settling at their highest since early March. Traders eyed disruptions to energy output in the Gulf of Mexico as Hurricane Laura looked to reach the U.S. Gulf Coast later this week.

Weekly data on U.S. petroleum supplies are also due out late Tuesday from the American Petroleum Institute and the Energy Information Administration early Wednesday. On average, analysts expect the EIA to report a weekly fall of 4.3 million barrels in crude inventories, which would represent a fifth straight weekly decline reported MarketWatch.

October West Texas Intermediate oil rose 73 cents, or 1.7%, to settle at $43.35 a barrel on the New York Mercantile Exchange.

October Brent crude, the global benchmark, also gained 73 cents, or 1.6%, to $45.86 a barrel on ICE Futures Europe. Front-month prices for both benchmarks settled at their highest since March 5, according to Dow Jones Market Data.

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