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Oil prices gain as storm shuts US output, progress in Covid-19 treatment

Brent crude was up 32 cents, or 0.7 per cent, at $44.67 a barrel by 0753 GMT. US West Texas Intermediate crude rose 31 cents, or 0.7 per cent, to $42.65

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Oil price gains were kept in check, however, by an increase in the US oil and natural rig count for the first time since March

Reuters London

2 min read Last Updated : Aug 24 2020 | 4:33 PM IST

Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on signs of progress in development of a Covid-19 treatment.

Brent crude was up 32 cents, or 0.7 per cent, at $44.67 a barrel by 0753 GMT. US West Texas Intermediate crude rose 31 cents, or 0.7 per cent, to $42.65.

"Prices are taking their cues from Mother Nature this morning as two storms bear down on the Gulf of Mexico. Half of the region's production has been shut down, though gains will be limited by the

Topics : US oil prices Coronavirus Vaccine Crude Oil Price

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