Tuesday brought another gain of increased crude oil prices as they gained from 1% to 2% because of increased supply disruptions.
Reuters indicated that traders also bet demand might increase if the Fed lowers borrowing costs this week. The news group reported more than 12% of crude output from the U.S. Gulf of Mexico was offline after Hurricane Francine last week, lifting oil prices in four of the last five sessions.
West Texas Intermediate crude gained $1.10 or 1.6% and rose to $71.41 a barrel on the New York Mercantile Exchange.
Brent crude settled up 95 cents or 1.3% to close at $73.70 per barrel.
More than 12% of crude output from the U.S. Gulf of Mexico was offline after Hurricane Francine last week, lifting oil prices in four of the last five sessions, a rebound after Brent last Tuesday hit the lowest in nearly three years.
“Oil prices have been in recovery mode since Wednesday, perhaps on supply concerns after Hurricane Francine in the U.S. Gulf of Mexico, as well as expectations of lower U.S. crude stockpiles,” said Charalampos Pissouros, senior investment analyst at brokerage XM.
U.S. crude oil stockpiles likely fell by about 500,000 barrels in the week ended Sept. 13, according to an extended Reuters poll of analyst estimates. The American Petroleum Association will publish its estimates after 4:30 p.m. ET, followed by the U.S. Energy Information Administration’s official report on Wednesday at 10:30 a.m. ET.
Most Oklahoma energy stocks had a strong Tuesday in trading. Vital Energy rose more than 5% and NGL Energy gained nearly 5%.
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