Oil climbs as hurricane shuts U.S. output, bouncing back from 5percent slide overnight
Oil prices rose in early trading on Thursday, regaining some of the ground lost in a 5% slump overnight, amid the prospect of tighter short-term supply with two-thirds of U.S. output shut in the Gulf of Mexico as Hurricane Zeta slammed Louisiana.U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.8%, to $37.68 a barrel at 0120 GMT, while Brent crude futures rose 25 cents, or 0.6%, to $39.37 a barrel.Signs of a growing global supply glut and a second wave in the coronavirus pandemic sent prices tumbling in the previous session, but market watchers said technical support levels were a factor in trading on Thursday."The increase in volatility is attractive to traders. That proximity to the $37 support is one of the factors at .....