Oil Extends Gains on US Output Concerns

Oil prices extended gains on today as the market eyed US output concerns in the aftermath of Hurricane Francine and expectations of lower US crude stockpiles. Brent crude futures for November rose 16 cents, or 0.2% at $72.91 a barrel at 0120 GMT. US crude futures for October climbed 34 cents, or 0.5%, at $70.43 a barrel. Both contracts settled higher in the previous session as the ongoing impact of Hurricane Francine on output in the US Gulf of Mexico countered Chinese demand concerns ahead of this week's US Federal Reserve interest rate cut decision, which should prove positive for investor sentiment in oil. Source: Oman News Agency