Oil Set for First Weekly Gain in a Month on Storm, Risk-On Tone

September 13, 2024 03:42 AM CEST | By EODHD
 Oil Set for First Weekly Gain in a Month on Storm, Risk-On Tone
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(Bloomberg) -- Oil headed for its first weekly gain in a month as storm Francine disrupted crude production, and a risk-on tone swept across wider markets ahead of expected Federal Reserve interest-rate cuts. Most Read from Bloomberg Housing’s Worst Crisis in Decades Reverberates Through 2024 Race How Americans Voted Their Way Into a Housing Crisis For Tenants, AI-Powered Screening Can Be a New Barrier to Housing From Louisville, a Push to Plant Trees for Public Health After a Record Hot Summer, Pressure Grows for A/C Mandates West Texas Intermediate rose above $69 a barrel, extending a rebound from the lowest close since 2021, while Brent settled near $72. The storm — which weakened from its previous hurricane force — had forced a sizable shut-in of production in the US Gulf of Mexico. In broader markets, equities rallied as the dollar declined, a boost for commodities including crude. Crude remains about 15% lower this quarter on concerns about a dimming demand outlook in top importer China. The International Energy Agency said that global demand growth in the first half was the lowest since the pandemic as China’s economy cooled, according to its monthly report this week. To get Bloomberg’s Energy Daily newsletter into your inbox, click here. Most Read from Bloomberg Businessweek EV Leases Go as Low as $20 a Month to Help Dealers Clear Their Lots China Can Avoid Japan’s Lost Decades If It Follows Korea’s Path The Covid Pandemic Left an Extra 13 Million Americans Single US Oil Boom Turns Kamala Harris Into an Unlikely Fracking Supporter Putting Olive Oil in a Squeeze Bottle Earned This Startup a Cult Following ©2024 Bloomberg L.P. View comments

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