Crude oil inched jumped more than 2 per cent on Tuesday in anticipation of tighter supply from theUS Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane. Brent crude futures – the global benchmark for crude oil – jumped as much as $0.92, or 2.04 per cent, to touch $46.05 per barrel during the session, having started the day flat at $45.12 compared to Monday’s close of $45.13 per barrel. However, increasing COVID-19 cases across the globe limited the gains.
Brent crude was last seen trading 1.66 per cent higher at $45.88 per barrel, while WTI crude – the benchmark for US crude oil – was up 1.10 per cent at $43.09 per barrel.
The Intercontinental Exchange (ICE)’s Brent futures are considered a benchmark for global oil markets, besides the New York Mercantile Exchange (Nymex)’s WTI crude futures.