Brent futures rose US73 cents, or 1.6%, to settle at US$45.86 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.7%, to settle at $43.35. That was the highest closes for both benchmarks since March 5, the day before Saudi Arabia and Russia failed to agree on a new plan to cut output and about a week before the World Health Organization declared COVID-19 a pandemic. (Pic shows ExxonMobil refinery in texas - Reuters)
NEW YORK: Crude oil prices rose to a five-month high on Tuesday as U.S. producers shut most offshore output in the Gulf of Mexico ahead of Hurricane Laura even as rising coronavirus cases in Asia and Europe capped gains.
Brent futures rose US73 cents, or 1.6%, to settle at US$45.86 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.7%, to settle at $43.35.
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