Oil Prices Steady Amid Storm Threat and Summer Demand
08.07.2024 13:00 1 min. read Alexander Stefanov
Oil prices held steady on Monday as traders monitored hurricane Beryl's potential impact on Gulf of Mexico production and noted robust summer demand signals.
Crude prices have risen for four consecutive weeks on expectations of increased summer demand and concerns over potential supply disruptions due to weather. However, fears of economic slowdown in China, the world’s largest oil importer, have tempered recent gains.
Brent crude futures for September edged up 0.2% to $86.67 per barrel, while West Texas Intermediate (WTI) crude held at $82.28 per barrel. Both benchmarks remained near their recent two-month highs.
Major Texas ports closed over the weekend in preparation for Tropical Storm Beryl, which could become a hurricane, potentially delaying crude shipments from key oil export regions.
Initial forecasts minimized Beryl’s impact, but the storm’s unexpected strength after affecting Jamaica raised concerns about Gulf of Mexico production disruptions.
Strong U.S. travel demand during the Independence Day holiday and significant reductions in U.S. oil inventories supported prices, indicating robust summer demand. Geopolitical tensions in the Middle East also continue to underpin oil markets amid concerns of potential disruptions to regional oil production.
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