WASHINGTON (dpa-AFX) - Despite the International Energy Agency lowering its oil demand forecast for the year, oil prices climbed higher on Thursday amid reports of supply cuts in facilities along
WASHINGTON - Despite the International Energy Agency lowering its oil demand forecast for the year, oil prices climbed higher on Thursday amid reports of supply cuts in facilities along the Gulf of Mexico due to the impact of Hurricane Francine.
As of Wednesday afternoon, several offshore platforms were shut down in the Gulf of Mexico due to Francine's landfall in southern Louisiana. In economic news today, the Labor Department said its producer price index for final demand crept up by 0.2% in August, while revised data showed prices were unchanged in July.
CME Group's FedWatch Tool currently suggests rates will lower by at least a full percentage point following the Fed's December meeting.
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