NEW YORK: Oil prices rose 2pc on Monday as the ongoing impact of Hurricane Francine on output in the US Gulf of Mexico offset persistent Chinese demand concerns ahead of a US Federal Reserve rate cut decision later this week.

Brent crude futures for November were up $1.35, or 1.89pc, at $72.96 a barrel by 2:06pm EDT (1806 GMT). US crude futures for October rose $1.7, or 2.48pc, to $70.35.

Nearly a fifth of crude oil production and 28pc of natural gas output in the Gulf of Mexico remained offline after Hurricane Francine, the US offshore energy regulator said on Sunday.

Overall, however, the market remains cautious ahead of the Federal Reserve’s interest rate decision on Wednesday.

Published in Dawn, September 17th, 2024