Oil falls back after early rally on US storm worries
NEW YORK, October 2, 2015
Oil prices fell back on Thursday after an early rally on fears of storm damage to US oil installations faded.
Brent, the global benchmark for oil, was down 20 cents, or 0.4 per cent, at $48.17 a barrel by 10:33 am EDT (1433 GMT) after hitting a one-week high at $49.84.
US crude was up 30 cents, or 0.7 per cent, at $45.39. It had risen more than $2 or four per cent earlier.
Hurricane Joaquin, which strengthened into a powerful Category 3 storm and was moving over the Bahamas, could hit the New York City area on Tuesday as a less intense tropical storm, the US National Hurricane Center said in its latest forecast.
With the forecast track still uncertain and Joaquin still days away near the Bahamas, energy firms said they were watching and preparing for the storm but not yet shutting any oil or other energy facilities. - Reuters
