Oil hovers near 6-week high amid Gulf of Mexico storm, West Asia tensions

Oil prices hovered near six-week highs on Friday as US oil producers in the Gulf of Mexico cut more than half their output in the face of a tropical storm and as tensions continued to simmer in the Middle East. Brent crude futures were up 53 cents, or 0.8%, at $67.05 per barrel by 0606 GMT. The international benchmark settled down 0.

7% on Thursday after hitting its highest since May 30 at $67.65 a barrel. US West Texas Intermediate (WTI) crude futures were up 42 cents, or 0.7%, at $60.62 a barrel. The US benchmark marked its highest.....

This article is no longer available in our repository.

There could be multiple reasons for this.