Oil price steadies; virus concerns weigh as hurricane heads to US

Brent crude fell 22 cents to settle at US$45.64 a barrel, while U.S. West Texas Intermediate crude rose 4 cents to $43.39 a barrel. Both benchmarks settled at a five-month high on Tuesday.

NEW YORK: Oil prices steadied on Wednesday, pressured by worries about the demand outlook during the coronavirus pandemic but buoyed as U.S. producers shut output in the Gulf of Mexico ahead of Hurricane Laura.

Renewed worries over the pandemic, which has squeezed demand and sent prices to record lows in April, dampened market sentiment after reports this week of patients being re-infected, raising concerns about future immunity.