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Oil Prices Increase as Hurricane Delta Hits U.S. Gulf of Mexico

Oil prices rose Thursday as Hurricane Delta approached the US Gulf of Mexico, with oil producers evacuating their rigs and halting nearly 1.5 million barrels per day of oil output.

Meantime, in a series of tweets, President Donald Trump urged Congress to pass a series of smaller, standalone bills after abruptly calling off negotiations on a comprehensive bill Tuesday.

Investors also welcomed news that Eli Lilly was seeking clearance from the US FDA for emergency authorization of its COVID-19 treatment.

Meanwhile, the EIA data showed Wednesday that US gasoline stocks fell more than expected last week to their lowest since November, but crude oil supplies rose and output and imports grew. At around 03:30 AM GMT, WTI crude rose 0.1% to $39.99 a barrel, while Brent crude gained 0.3% to $42.11 a barrel.

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About Babajide Iletogun

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