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Oil Prices Resume Gains on Output Disruptions

M. Ali 8 October, 2020 8:19 pm Commodities, Market Update

Oil prices returned to gains due to a number of support factors, led by the output disruptions in North America and Europe.

Brent crude futures are up by 2.02%, trading at $42.84 a barrel, while the US West Texas Intermediate (WTI) futures are up by 2% at $40.75 a barrel.

More than 80% of crude production in the Gulf of Mexico has reportedly been stopped due to Hurricane Delta, while a strike in Norway is also affecting output capacities.

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