Oil prices were in a holding pattern on Thursday as a massive storm in the Gulf of Mexico raced towards the heart of the U.S. oil industry, forcing oil rigs and refineries to shut, with little impact expected on supply as oil stockpiles remain high, Reuters reports. U.S. West Texas Intermediate (WTI) crude futures fell 4 US cents, or 0.1 percent, to US$43.35 a barrel, erasing Wednesday’s slight rise. Brent crude futures for October, which expire on Friday, inched up 5 US cents to US$45.69 a barrel after falling 22 US cents, or 0.5 percent, on Wednesday. The more active November Brent contract edged up 2 US cents to US$46.18.

Source: The Standard August 27, 2020 02:56 UTC