By Katya Golubkova
TOKYO (Reuters) – Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane’s Francine’s impact on output in the U.S., the world’s biggest crude producer.
futures for November were up 24 cents, or 0.34% at $70.86 a barrel. futures for October were up 20 cents, or 0.30%, at $67.52 at 0044 GMT.
Both contracts rose by over $1, or more than 2%, in the previous session as offshore platforms in the U.S. Gulf of Mexico were shut and refinery operations on the coast disrupted by Hurricane Francine’s landfall in southern Louisiana on Wednesday.
But with the storm set to eventually dissipate after making landfall, the oil market’s attention again turned to lower demand.
U.S. oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday.
The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. The U.S. is the world’s biggest oil consumer.
Earlier in the week, the Organization of the Petroleum Exporting Countries cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.
“Oil traders are now looking ahead to International Energy Agency’s monthly market report later this week for any signs of a weakening demand outlook,” ANZ Research said in a note on Thursday.