Crude oil prices increased by about 1.00% to reach $67.40 per barrel, following a rise over 1.50% on Wednesday, driven by geopolitical and economic factors.
Tropical Storm Francine has disrupted oil production in the Gulf of Mexico, leading to temporary evacuations and halting significant production, raising market fears of supply shortages.
OPEC's downgraded global oil demand growth forecasts, amidst strong U.S. economic activity and improvements elsewhere, raise questions about the realism of these projections.
The long-term impact of storms on oil production may be limited, as operations typically normalize quickly once the threat subsides, suggesting current price hikes could be temporary.
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