By Katya Golubkova
TOKYO (Reuters) – Oil prices were flat on Thursday as worries about a slowdown in demand erased the previous session’s gains due to the impact of Hurricane France on output in the United States, the world’s biggest crude producer.
November futures rose 24 cents, or 0.34%, to $70.86/barrel. October futures were up 20 cents, or 0.30%, at $67.52 by 0044 GMT.
Both contracts rose more than $1, or more than 2%, in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut down and an onshore refinery shut down by Hurricane Francine in southern Louisiana on Wednesday.
But once the storm made landfall, it would eventually die down, with the oil market’s attention turning back to falling demand.
U.S. oil inventories rose across the board last week as crude imports rose and exports fell, the Energy Information Administration said on Wednesday.
The data also showed demand for gasoline fell to the lowest level since May, while demand for distillates fell and refineries also fell. The US is the world’s largest oil consumer.
Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also cut its expectations for next year, the second downward revision in a row.
“Oil traders await the International Energy Agency’s monthly market report later this week,” ANZ Research noted on Thursday.
