Oil prices mixed as Hurricane Ian output cuts support, dollar weighs

Sept 28 (Reuters) – Oil costs have been combined in early Asian commerce on Wednesday as assist from U.S. manufacturing cuts attributable to Hurricane Ian contended with crude storage builds and a robust greenback.

Brent crude futures fell 4 cents, or 0.1%, to $86.23 per barrel by 0022 GMT, whereas U.S. West Texas Intermediate (WTI) crude futures have been up 22 cents at $78.03 per barrel.

Producers started returning staff to offshore oil platforms after shutting in output forward of Hurricane Ian, which entered the U.S. Gulf of Mexico on Tuesday and is forecast to turn out to be a harmful Class 4 storm over the nice and cozy waters of the Gulf. learn extra

About 190,000 barrels per day of oil manufacturing, or 11% of the Gulf’s complete have been shut-in, in accordance with offshore regulator the Bureau of Security and Environmental Enforcement (BSEE). Producers misplaced 184 million cubic ft of pure fuel, or practically 9% of each day output. Personnel have been evacuated from 14 manufacturing platforms and rigs, the BSEE stated.

Ian is the primary hurricane this yr to disrupt oil and fuel manufacturing within the U.S. Gulf of Mexico, which produces about 15% of the nation’s crude oil and 5% of dry pure fuel.

Limiting oil costs was the U.S. greenback. The greenback, which usually trades inversely with oil, remained close to a 20-year excessive.

Estimates of U.S. oil in storage additionally despatched combined messages about oil costs.

Whereas U.S. crude oil in storage rose by about 4.2 million barrels for the week ended Sept. 23, in accordance with market sources on Tuesday citing figures from trade group the American Petroleum Institute, gasoline inventories fell by about 1 million barrels.

Distillate shares rose by about 438,000 barrels, in accordance with the sources, who spoke on situation of anonymity.

The report comes forward of official Power Info Administration information on Wednesday at 4:30 p.m. EDT.

Reporting by Laila Kearney in New York; Enhancing by Leslie Adler

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