Oil bounces off 8-month low as Hurricane Ian curbs Gulf production

Oil futures bounced off eight-month lows Tuesday, finding support as Hurricane Ian led to the shutdown of some platforms in the Gulf of Mexico and as a dollar rally takes a breather.

Price action Market drivers Hurricane Ian strengthened, lashing the western tip of Cuba, as it proceeded on a path that could see it make landfall on Florida’s western coast. Chevron Corp. CVX and BP PLC BP BP on Monday said they had shut in production at some Gulf of Mexico platforms as they braced for the hurricane, according to news reports.

Meanwhile, the oil selloff could prompt the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, to curb output when they hold their monthly meeting on Oct. 5, analysts said.

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

BP, Chevron cut offshore oil production ahead of Hurricane IanBP Plc and Chevron Corp on Monday said they have shut-in production at offshore oil platforms in the Gulf of Mexico, as a powerful Hurricane Ian bore down on the top U.S. offshore production region. Good idea
Source: Reuters - 🏆 2. / 97 Read more »

WTI Crude Oil Forecast: Crude Oil Plunges Through SupportThe West Texas Intermediate Crude Oil market has broken significantly through support, as the $80 level is now in the rearview mirror.
Source: Daily_Forex - 🏆 567. / 51 Read more »

EU members plan to delay Russian oil cap – BloombergCiting sources familiar with the matter, Bloomberg reported on Monday that the European Union could delay enforcing a price cap on Russian oil imports eren_fxstreet Ha ha ha! Selfish twats
Source: FXStreetNews - 🏆 14. / 72 Read more »

2024 Renault Scenic E-Tech Render, Highest Dealer Markups, And 2026 Lancia Aurelia Illustrated: Your Morning Brief | Carscoops2024 Renault Scenic E-Tech Render, Highest Dealer Markups, And 2026 Lancia Aurelia Illustrated: Your Morning Brief | Carscoops carscoops ⬇️
Source: Carscoop - 🏆 306. / 63 Read more »

Mercedes-AMG’s F1 Team Converted to Biofuel to Travel From Race to Race. It Cut C02 Emissions by 89%.Hydrotreated vegetable oil fuel could cut emissions by nearly 90 percent.
Source: RobbReport - 🏆 309. / 63 Read more »

US Dollar Majors, Stocks, Gold & Oil - Weekly Technical OutlookWebinar highlighting setups we’re tracking in the USD Majors, commodities & equities heading into the close of the month. The levels that matter on the technical charts.
Source: DailyFX - 🏆 305. / 63 Read more »