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[size=30]Warned in the oil markets as a new tropical storm headed towards the Gulf of Mexico[/size]
06/10/2017 04:30 | Number of readings: 1
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Trend Press / Agencies
The oil markets were on the alert on Friday as traders watched a tropical storm heading towards the Gulf of Mexico as Chinese markets remained closed for a week-long public holiday.
But the prospect of an extension of oil production cuts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers outside Russia led by Russia helped to boost prices.
By 0650 GMT, the WTI crude fell 16 cents from the previous settlement to $ 50.63 a barrel.
Brent crude <LCOc1> fell 12 cents to $ 56.88 a barrel.
Activity was limited due to the "Golden Week" holiday in China and the monitoring of the tropical storms Nite, which led to the closure of refineries and a halt to production on the Gulf of Mexico just weeks after the region was hit by a number of hurricanes.
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