Crude Prices Dip on Storm Impact

Oil prices slipped on Tuesday amid issues that energy outages and flooding in Louisiana after Hurricane Ida will minimize crude demand from refineries just as world producers plan to lift output.
The costs have been additionally weighed down by weaker manufacturing data from China, the place manufacturing facility exercise expanded at a slower tempo in August in contrast with the earlier month, CNBC reported.
US West Texas Intermediate crude futures have been down 5 cents, or 0.07%, to $69.16 a barrel, reversing a few of Monday’s features.
Futures for October, set to expire on Tuesday, have been down 3 cents, or 0.04%, at $73.38 a barrel, after gaining practically 1% on Monday. The extra lively November contract was down 3 cents, or 0.04%, at $72.20.
“The oil market is in a wait and watch mode as both demand-supply impact of Hurricane Ida is assessed,” mentioned Ravindra Rao, vice chairman for commodities at Kotak Securities.