Crude futures reverse course and settle higher as the market continues to debate implications for oil of a second Trump administration, from facilitating more U.S. output to settling geopolitical conflicts that have added a premium to prices, or tightening sanctions against producers such as Iran and Venezuela.
While Hurricane Rafael is seen tracking well south of the U.S. Gulf coast, platform evacuations had shut in around 22% of offshore production versus 17% yesterday, according to the Bureau of Safety and Environmental Enforcement. Earth Science Associates estimates overall output losses due to the storm between 1.5 million and 2.4 million barrels of oil.
WTI settles up 0.9% at $72.36 a barrel, and Brent rises 0.9% to $75.63 a barrel.
Source: Marketwatch
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