Saturday, January 11, 2025
Oil holds near five-month high on U.S. output cuts, virus concern weighs- oil and gas 360

Oil holds near five-month high on U.S. output cuts, virus concern weighs

Reuters LONDON – Oil edged up towards $46 a barrel on Wednesday, close to its highest since March, lifted by U.S. producers shutting most of their offshore Gulf of Mexico output ahead of Hurricane Laura and a report showing a drop in U.S. crude inventories. Renewed worries over the COVID-19 pandemic, which has squeezed demand and sent prices to record