Oil Rises Towards $90 on Production Cuts Caused by Hurricane Ian
LONDON—Oil prices firmed on Thursday, erasing earlier losses, as oil production was shut down by Hurricane Ian in the Gulf of Mexico, though a stronger dollar and weak economic outlook kept a lid on gains.
Brent crude futures rose 52 cents, or 0.6 percent, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6 percent, to $82.67.
Hurricane Ian provided price support. About 157,706 bpd of oil production was shut down in the Gulf of Mexico as of Wednesday, according to the Bureau of Safety and Environmental Enforcement.
Both crude benchmarks had rebounded in the previous two sessions from nine-month lows earlier in the week, buoyed by a temporary dive in the dollar index and a larger than expected U.S. fuel inventory drawdown….