Crude oil prices remained steady on Monday as storms closed in on the Gulf of Mexico, shutting more than half the region's oil production, although prices were capped by ongoing concerns about fuel demand being sapped by coronavirus lockdowns.
FILE PHOTO: Dust blows around a crude oil pump jack and flare burning excess gas at a drill pad in the Permian Basin in Loving County, Texas, U.S. November 25, 2019.REUTERS/Angus Mordant/File Photo
Brent futures LCOc1 slipped 2 cents, or 0.1%, to $44.33 a barrel by 0316 GMT, while U.S. West Texas Intermediate crude CLc1 was down 2 cents, or 0.1%, to $42.32 a barrel. Both benchmark contracts had risen early on Monday. Producers had shut 58% of the Gulf’s offshore oil output and 45% of natural gas supply on Sunday. The region accounts for 17% of total U.S. oil production and 5% of U.S. natural gas output.
“Oil’s gains, however, are likely to be muted as virus uncertainty continues to weigh on the crude demand outlook.”
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