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Brent Crude Adds 8 cents in price as storms hit Gulf of Mexico

Syed Umarullah HussainiWeb Editor

24th Aug, 2020. 09:15 am
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Nadeem Babar

Brent crude oil futures added 8 cents, or 0.2%, to $44.43 a barrel on the first day of the business week.

According to the details, Oil edges up as storms bore down the gulf of Mexico.

Brent crude oil futures added 8 cents, or 0.2%, to $44.43 a barrel on Monday while U.S. West Texas Intermediate crude was up 7 cents, or 0.2%, to $42.41 a barrel.

Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, that forced energy companies to pull workers from offshore platforms and shut down oil production.

Oil producers had shut 58% of the Gulf’s offshore oil production and 45% of natural gas production on Sunday.

Moreover, the region accounts for 17% of total U.S. oil production and 5% of U.S. natural gas output.

Asian Shares

On the other hand, Asian stock markets rose Monday after Wall Street hit a new high despite surviving unease about a possible second wave of teh novel coronavirus infections.

Benchmarks in Shanghai, Tokyo, Hong Kong, and South Korea spiked.

Global markets have recovered most of this year’s losses despite rising infection numbers in the United States, Brazil, and some other countries.

The Shanghai Composite Index rose 0.3% to 3,391.99

While Nikkei 225 in Tokyo added 0.3% to 22,996.97.

The Hang Seng in Hong Kong advanced 1.6% to 25,513.06.

The Kospi in Seoul was 0.9% higher at 2,326.11 and Australia’s S&P-ASX 200 gained 0.1% to 6,118.60.

New Zealand and Singapore advanced while Indonesia declined.

The S&P 500 rose 0.3% to 3,397.16.

The Dow Jones Industrial Average climbed 0.7% to 27,930.33. The Nasdaq composite added 0.4% to 11,311.80.

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