Oil rebounds as hurricane threat stabilises markets

Oil futures edged up on Monday as the risk of production disruptions from a potential hurricane approaching the US Gulf Coast helped prices steady after last week's heavy losses. Brent crude was up 16 cents, or 0.23%, to $71.22 a barrel at 1315 GMT while West Texas Intermediate crude futures were 19 cents, or 0.28%, higher at $67.86. Brent prices had fallen in each of the past six trading sessions, shedding more than 11%, or nearly $9 a barrel, to register the lowest closing price since December 2021 on Friday. Analysts said Monday's rebound was partly in response to a potential hurricane near the US Gulf Coast, while Libyan supply disruption has also been supporting prices.