Oil prices rose on Thursday, recovering from a slump in the prior session, as Hurricane Zeta in the Gulf of Mexico approached. The hurricane, however, is forecast to weaken into a non-tropical gale-force low by Thursday morning in the US, according to the National Hurricane Center.
Meantime, Reuters reported that China’s domestic aviation fuel consumption rebounded to near pre-COVID levels in September, amid strong recovery in passenger travel and cargo freight, despite weak demand from international flights.
Still, gains were limited by a resurgence of virus cases in the US and Europe, the resumption of Libya’s oil exports and rising US inventories in the latest week. At around 06:45 AM GMT, WTI crude rose 0.6% to $37.62 a barrel, while Brent crude was up 0.4% to $39.26 a barrel.