Oil steady on output cuts


    SINGAPORE- Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the US Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.

    Brent crude oil futures added 5 cents, or 0.1 percent, to $45.18 a barrel, while US West Texas Intermediate crude was down 9 cents, or 0.2 percent, at $42.53 a barrel.

    “A jump last week in the US rig count and mixed data on COVID-19 infections are having a muted negative effect on oil this week, thanks in part to the possible disruption from two separate hurricanes moving into the US Gulf Coast region,” said Stephen Innes, chief global markets strategist at AxiCorp.

    Energy companies moved to cut production at US Gulf Coast oil refineries on Monday after shutting 82 percent of the area’s offshore crude oil output as the rare double-storm assault on key US oil regions threatens to bring days of heavy rains and strong winds this week. — Reuters