Oil prices mixed on storm-driven output cuts, rising COVID-19 cases - Reuters

Oil prices mixed on storm-driven output cuts, rising COVID-19 cases - Reuters:

Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.

Brent crude oil futures LCOc1 added 14 cents, or 0.3%, to $45.27 a barrel by 0700 GMT, while U.S. West Texas Intermediate crude CLc1 was down 4 cents, or 0.1%, at $42.58 a barrel.

“A jump last week in the U.S. rig count and mixed data on COVID-19 infections are having a muted negative effect on oil this week, thanks in part to the possible disruption from two separate hurricanes moving into the U.S. Gulf Coast region,” said Stephen Innes, chief global markets strategist at AxiCorp.

Energy companies moved to cut production at U.S. Gulf Coast oil refineries on Monday after shutting 82% of the area’s offshore crude oil output as the rare double-storm assault on key U.S. oil regions threatens to bring days of heavy rains and strong winds this week.