Analysts expected further rises as meteorologists forecast that it could hit the oil production facilities on the Texas coastline. ‘We are keeping a close watch on the eye of the storm. A clearer picture on its impact [on oil prices] will be available later this week,’ said a Dubai-based oil trader. ‘This is still a very jittery market.’

The previous day, following a two-day meeting of oil ministers in Vienna, OPEC offered to release an additional 2 million barrels a day from 1 October for a 90-day period, in an attempt to ease price pressures. But the offer did not have the desired impact, with the US’ Energy Department stating the same day in its weekly report that crude oil stocks had fallen more steeply than expected.