Oil prices steady as signs of weaker demand outweigh U.S. hurricane impact By Reuters

By Katya Golubkova

TOKYO (Reuters) – Oil prices remained flat on Thursday as concerns over weaker demand erased the previous session’s gains, boosted by the impact of Hurricane Francine on output in the U.S., the world’s top crude producer.

November futures were up 24 cents, or 0.34 percent, at $70.86 a barrel. October futures were up 20 cents, or 0.30 percent, at $67.52 by 0044 GMT.

Both contracts rose more than $1, or more than 2 percent, in the previous session as offshore platforms in the US Gulf of Mexico were shut down and coastal refinery operations were disrupted by Hurricane Francine’s landfall in southern Louisiana, Wednesday.

But with the storm likely to dissipate eventually after it arrived, the oil market’s attention turned back to lower demand.

U.S. oil inventories rose broadly last week as crude imports rose and exports fell, the Energy Information Administration said Wednesday.

The data also showed that demand for gasoline fell to the lowest level since May, while demand for distillate fuel fell and refinery operations fell. The USA is the largest consumer of oil in the world.

Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and cut its expectations for next year, its second consecutive downward revision.

“Oil traders are now looking to the International Energy Agency’s monthly market report later this week for any signs of a weakening demand outlook,” ANZ Research said in a note on Thursday.