Energy

Oil Markets: Coronavirus, Hurricane Sally

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An aerial view of a crude oil storage facility is seen on May 5, 2020 in Cushing, Oklahoma.

JOHANNES EISELE | AFP via Getty Images

Oil prices rose on Wednesday, extending gains from the previous session, as a hurricane disrupted U.S. offshore oil and gas production and an industry report showed a big drop in U.S. crude stockpiles.

Brent crude was trading up 15 cents, or 0.4%, at $40.68 a barrel by 0055 GMT, while U.S. crude gained 18 cents, or 0.5%, to $38.46 a barrel. Both contracts rose by more than 2% on Tuesday.

More than 25% of U.S. offshore oil and gas output was shut and export ports were closed on Tuesday as Hurricane Sally sat just off the U.S. Gulf Coast.

“Our current estimate for…



Source cnbc.com

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