Oil prices rebound on fears of supply disruption from tropical storm [from Reuters]

(Reuters) – Crude prices bounced on Wednesday as concerns about Tropical Storm Francine disrupting supply of oil outweighed worries about demand.

Brent crude futures climbed 39 cents, or 0.6%, to $69.58 a barrel by 0031 GMT while U.S. crude futures were at $66.19 a barrel, up 44 cents, or 0.7%.

Both benchmarks fell nearly $3 on Tuesday, with Brent hitting its lowest level since December 2021 and WTI falling to a May 2023 trough, after OPEC+ revised down its demand forecast for this year and 2025.

“Investors adjusted their positions after Tuesday’s sharp drop,” said Hiroyuki Kikukawa, president of NS Trading, a unit of Nissan Securities.

“The rebound was also driven by concerns that the storm could disrupt supply, with some production facilities already suspended,” he said, though he predicted the market would remain bearish due to fears about slowing global demand.

Full News: Oil prices rebound on fears of supply disruption from tropical storm [from Reuters]

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