Oil Lower as Hurricane Emily Concerns Ease, OPEC Cuts Demand Outlook

Oil prices were lower, giving up earlier gains as concerns eased about the ultimate likely impact of hurricane Emily and after OPEC cut its forecast of oil demand this year, dealers said.

At 5.43 pm, September-dated Brent futures contracts were down 75 cents 56.87 usd a barrel.

Meanwhile, US benchmark August-dated contracts were down 94 cents at 57.15 ahead of Wednesday’s expiry, and September dated-contracts were down 98 cents 58.15.
Forbes