As Hurricane Beryl barrels through the Caribbean Sea as a dangerous Category five hurricane, the oil market is feeling the effects. Crude oil prices initially rose in anticipation of potential disruptions to major offshore production areas in the US-regulated northern Gulf of Mexico. However, as Beryl’s forecast track veers away from these crucial areas, prices have started to retreat.
Despite the uncertainty surrounding Hurricane Beryl, Brent crude futures managed to gain 24 cents, or 0.28 percent, reaching $86.84 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude saw a slight increase of five cents, or 0.06 percent, landing at $83.23. Earlier on Monday, WTI had surged by $1 to $84.38 a barrel due to concerns over the storm’s potential impact. The market is closely monitoring the situation as US demand for motor fuels continues to rise.
