Oil futures bounced Wednesday, finding support on industry data that showed a drop in U.S. crude inventories as traders track Hurricane Francine.

Crude oil prices hit multi-year lows as hedge funds reduce bullish bets to record lows amid ongoing supply disruptions and OPEC+ struggles to stabilize the market.

Oil prices were flat on Thursday as concerns about lower demand erased the gains from the previous session spurred by Hurricane's Francine's impact on output in the U.S., the world's biggest crude producer.

Oil futures finished higher on Wednesday after ending the previous session at their lowest since December 2021, finding support from disruptions to energy output in the Gulf of Mexico, with Hurricane Francine due to make landfall in Louisiana later in the day.

Oil prices climbed more than 2% on Wednesday, driven by fears of lengthy production shutdowns in the U.S. offshore oil patch, which Hurricane Francine was barreling through on the way to landfall in Louisiana.

Oil futures inched higher on Wednesday, finding support from Hurricane Francine’s disruptions to output and refining activity in the Gulf of Mexico. Prices failed to gain much traction, however, pressured by official U.

Investing.com-- Oil prices rose in Asian trade on Thursday as expectations of supply disruptions in the wake of Hurricane Francine helped offset persistent concerns over slowing global crude demand. Hurricane Francine made landfall in Louisiana