The oil market witnessed a significant uptick as Hurricane Francine neared the United States. Brent crude, the global benchmark, rose 1.93% to $71.97 per barrel for November contracts on the Intercontinental Exchange in London.
West Texas Intermediate (WTI) crude for October delivery climbed 2.47% to $68.97 per barrel on the New York Mercantile Exchange. This marked the second consecutive day of gains for oil prices.
Hurricane Francine’s approach prompted the closure of offshore platforms in the Gulf of Mexico and the suspension of refinery operations along the coast.
The UBS report estimated that the hurricane disrupted about 1.5 million barrels of U.S. oil production. This disruption is expected to reduce September’s Gulf of Mexico production by approximately 50,000 barrels per day.
The impact of natural disasters on oil production highlights the vulnerability of energy infrastructure to extreme weather events.
Revised Oil Demand Forecasts for 2024
Meanwhile, the International Energy Agency (IEA) revised its global oil demand forecast downward for 2024.
The agency now projects demand growth of 903,000 barrels per day, down from its previous estimate of 970,000 barrels per day.
In addition, this marks the second consecutive downward revision, primarily attributed to China’s economic slowdown.
The adjustment reflects the complex interplay between global economic conditions and energy consumption patterns.
The Organization of Petroleum Exporting Countries (OPEC) also lowered its global demand forecast for the second time in two months. OPEC now expects demand to grow by about 2 million barrels per day in 2024.
This represents a reduction of 80,000 barrels per day from their previous forecast. These revisions underscore the ongoing uncertainty in the oil market and the challenges in predicting future demand.
The oil market’s response to these factors demonstrates its sensitivity to both short-term disruptions and long-term economic trends.
In short, investors and analysts continue to monitor these developments closely as they shape the energy landscape.
Live Market IntelligenceCommodities — Live Market Board
Rio Times · Live Market Intelligence
Commodities — Live Market Board
+0.02%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| GOLD | 3,886 | +0.03% | -5.08% | 3,885 | 3,927 | 3,871 | 151,010 |
| SILVER | 49.12 | -1.70% | -2.90% | 49.97 | 50.73 | 48.41 | 49,657 |
| BRENT | 95.84 | +0.02% | +48.84% | 95.82 | 97.12 | 95.07 | 22,079 |
| WTI | 88.56 | -0.20% | +47.38% | 88.74 | 89.64 | 87.80 | 181,210 |
| COPPER | 6.09 | -1.50% | +20.61% | 6.18 | 6.24 | 6.05 | 53,682 |
| LITHIUM | 58.76 | -1.13% | -7.86% | 59.43 | 59.59 | 58.42 | 159,497 |
| IRON ORE | 161.91 | — | +55.76% | 161.91 | 161.91 | 1 | |
| SOY | 1,232 | +0.37% | +10.67% | 1,227 | 1,241 | 1,219 | 103,557 |
| CORN | 445.50 | +0.68% | +3.54% | 442.50 | 450.25 | 441.75 | 245,686 |
| WHEAT | 593.25 | +1.54% | +12.52% | 584.25 | 600.00 | 582.00 | 99,685 |
| COFFEE | 274.00 | -2.21% | -31.47% | 280.20 | 279.20 | 272.35 | 17,133 |
| SUGAR | 18.40 | +0.99% | +22.99% | 18.22 | 18.54 | 18.16 | 59,813 |
| COCOA | 5,267 | +3.97% | -0.38% | 5,066 | 5,330 | 5,169 | 27,100 |
| ORANGE JUICE | 136.85 | -2.91% | -13.30% | 140.95 | 141.25 | 135.00 | 973 |
| COTTON | 79.02 | +0.44% | +26.45% | 78.67 | 79.90 | 78.63 | 18,270 |
| BEEF | 224.80 | +2.70% | +2.58% | 218.90 | 225.88 | 221.45 | 23,034 |
| CATTLE | 335.35 | -0.10% | -0.98% | 335.67 | 336.98 | 329.53 | 9,700 |
| USD/BRL | 5.67 | +0.45% | +7.09% | 5.64 | 5.67 | 5.63 | — |
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
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