Crude oil prices gave up most of their gains from earlier in the day as Hurricane Beryl’s forecast track continued to steer it away from major offshore production areas in the US-regulated northern Gulf of Mexico. The storm is reported to be a dangerous Category five hurricane which is tearing through the Caribbean Sea.
Brent crude futures last gained 24 cents, or 0.28 per cent, to $86.84 per barrel. US West Texas Intermediate or WTI crude was last up five cents, or 0.06 per cent, at $83.23. Earlier on Monday, WTI rose $1 TO $84.38 a barrel on fears Beryl might have a wider impact in the Gulf of Mexico as US demand for motor fuels is increasing. Both benchmarks gained about two per cent in the previous session.