Hurricane Output Outages Boost Oil Prices

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Mother Nature intervened on Friday to hoist oil prices higher as major producers in the US Gulf of Mexico evacuated their offshore rigs and shut in large swaths of output ahead of an approaching storm. In London, the front-month October contract for ICE Brent gained $1.63 to end the week at $72.70 per barrel. Trading was light since the contract ends on Tuesday, while the more heavily traded November contract, which will become the front-month on Wednesday, ended at $71.70/bbl. On Nymex in New York, the October contract for West Texas Intermediate (WTI) rose by $1.32 to close at $68.74/bbl. For the week, Brent and WTI soared 11.5% and 10.6%, respectively, the largest week-to-week gain in over a year. Steady Volatility

Oil Demand, Oil Inventories, Oil Supply, Crude Oil
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