Oil prices rise as storms cut U.S. production - Reuters:
Oil prices rose on Monday as storms headed for the Gulf of Mexico shut more than half of the region’s offshore production, with the more dangerous of the two storms expected to strike later in the week.
Brent crude LCOc1 settled at $45.13 a barrel, gaining 78 cents, or 1.76%, while U.S. West Texas Intermediate crude CLc1 settled at $42.62 a barrel, rising 28 cents, or 0.66%.
Energy companies shut more than 1 million barrels per day (bpd) of offshore crude oil supply in the U.S. Gulf of Mexico and evacuated more than 100 production platforms because of the twin threat from Tropical Storms Marco and Laura.
Marco reached the coast Monday, and Laura was expected to accelerate to a hurricane and hit by midweek.
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