Oil in New York is poised for the biggest weekly gain since May with Hurricane Delta forcing operators to shut-in almost 92% of crude output in the Gulf of Mexico as it barrels toward the U.S. coast. Futures edged higher for a second day and are up almost 12% this week. Delta regained major hurricane strength and is forecast to slam into the already battered Louisiana coast on Friday after barreling across the Yucatan Peninsula earlier in the week. Prices have also been buoyed by an oil-workers strike in Norway, which is threatening almost a quarter of its the nation’s output. OPEC expects to emerge from the pandemic with a greater share of global oil sales, after 2020’s price downturn battered rivals in the U.S. and elsewhere.

Source: Mint October 08, 2020 23:37 UTC