NEW YORK (Reuters) – Oil rose to more than $43 a barrel on Thursday on support from output shutdowns ahead of a storm in the U.S. Gulf of Mexico and the possibility of supply cuts from Saudi Arabia and Norway.
Markets rose sharply at noon on a Dow Jones report that Saudi Arabia is considering reversing course over OPEC’s planned production increase early next year.
Brent crude rose $1.13, or 2.7% to $43.12 at 12:20 EDT (1515 GMT), after falling 1.6% on Wednesday. U.S. West Texas Intermediate (WTI) crude added 99 cents, or 2.5%, to $40.94 after falling 1.8% on Wednesday.
The Organization of the Petroleum Exporting Countries has been challenged by rising output in Libya, an OPEC member