Crude falls as Hurricane Beryl fears fade

By Erwin Seba

HOUSTON (Reuters) -U.S. West Texas Intermediate (WTI) crude gave up most of its gains from earlier in the day as the forecast track for Hurricane Beryl continued to aim it away from major offshore production areas in the U.S.-regulated northern Gulf of Mexico.

Brent crude futures gained 24 cents, or 0.28%, to $86.84 a barrel by 10:20 a.m. CDT (1520 GMT). U.S. West Texas WTI) crude was up 5 cents, or 0.06%, 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 U.S. demand for motor fuels is increasing.

Both benchmarks gained about 2% in the previous session.

But as new forecasts emerged on Monday, traders were less fearful of supply problems, said Phill Flynn, analyst with the Price Futures Group.

“Markets came to the realization that Beryl is not going to shut down any major amounts of offshore oil production,” Flynn said. “We may see some shut, but its going to have a minimal impact on platforms.”

Hurricane Beryl is a dangerous Category 5 hurricane tearing through the Caribbean Sea. It is expected to have weakened into a tropical storm by the time it enters the Gulf of Mexico late this week, according to the U.S. National Hurricane Center.

U.S. gasoline demand is expected to ramp up as the summer travel season picks up with the Independence Day holiday this week. The American Automobile Association has forecast that travel during the holiday period will be 5.2% higher than in 2023, with car travel up 4.8%.

This post is originally published on INVESTING.

  • Related Posts

    Oil falls after Trump reverses Colombia sanctions threat

    By Anna Hirtenstein LONDON (Reuters) -Oil prices wavered on Monday after the U.S. and Colombia reached a deal on deportations, reducing immediate concern over oil supply disruptions but keeping traders…

    Dollar gains on tariffs fears; euro looks to ECB meeting

    Investing.com – The US dollar slipped lower Monday, rebounding after recent losses as attention returned to the potential for trade tariffs from the Trump administration at the start of a…

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    You Missed

    Tariff Madness Continues as Capital.com Q2 Trades Rise 22%, Volume Hits $850 Billion

    • July 30, 2025
    Tariff Madness Continues as Capital.com Q2 Trades Rise 22%, Volume Hits $850 Billion

    London-based Trading Technology Provider MahiMarkets Joins Match-Trader for Unified Pricing

    • July 30, 2025
    London-based Trading Technology Provider MahiMarkets Joins Match-Trader for Unified Pricing

    AI Adoption Grows in Israel’s Fintech Community – Not Without Caveats

    • July 30, 2025
    AI Adoption Grows in Israel’s Fintech Community – Not Without Caveats

    Silver Faces Turning Point Amid US Dollar Surge. Forecast as of 30.07.2025

    • July 30, 2025
    Silver Faces Turning Point Amid US Dollar Surge. Forecast as of 30.07.2025

    24/5 Trading? eToro Should Be Cautious of Tech Limits – Just Ask Robinhood

    • July 30, 2025
    24/5 Trading? eToro Should Be Cautious of Tech Limits – Just Ask Robinhood

    B2BROKER and Nullpoint Partner to Integrate B2COPY Copy Trading Solution

    • July 30, 2025
    B2BROKER and Nullpoint Partner to Integrate B2COPY Copy Trading Solution