Oil prices stabilized on Thursday, after concerns about lower demand dispelled the gains made in the previous session, which were driven by the impact of Hurricane “Francine” on production in the United States, the world’s largest crude producer.
Brent crude futures for November rose 24 cents, or 0.34 %, to $70.86 a barrel.
US crude futures for October rose 20 cents, or 0.30 %, to $67.52 a barrel.
The Energy Information Administration said yesterday that US oil inventories rose last week as crude imports grew and exports declined. Data showed that gasoline demand fell to its lowest level since May at the same time as demand for distillates declined, with refinery operations declining.
Source: National Iraqi News Agency