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Brent crude gains 8 cents amid renewed concerns of COVID-19

Syed Umarullah HussainiWeb Editor

26th Aug, 2020. 09:35 am
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Nadeem Babar

Brent crude added 8 cents in price on the third day of the business week, amid renewed concerns of COVID-19 pandemic and Hurricane Laura heads towards the U.S. Gulf Coast.

According to the details, Brent crude oil futures added 8 cents, or 0.2%, to $45.94 a barrel while U.S. West Texas Intermediate crude was down 2 cents, or 0.1%, at $43.33 a barrel.

The U.S. energy industry on Tuesday was preparing for a major hurricane strike.

Producers evacuated 310 offshore facilities and shut 1.56 million barrels per day (bpd) of crude output, 84% of Gulf of Mexico’s offshore production.

Asian Shares

Japan’s benchmark Nikkei 225 dipped nearly 0.2% to 23,254.30 in morning trading.

Australia’s S&P/ASX 200 lost 1.0% to 6,098.70. South Korea’s Kospi slipped 0.6% to 2,352.35.

Hong Kong’s Hang Seng edged 0.1% higher, to 25,514.41, while the Shanghai Composite inched up less than 0.1% to 3,374.87.

The Dow Jones Industrial Average fell 0.2%,to 28,248.44, and the Nasdaq composite rose 0.8% to 11,466.47.

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