Oil settles unchanged as latest storm spares U.S. energy sector | Reuters
Oil prices ended largely unchanged on Tuesday as tropical storm Nicholas brought heavy rain and power outages in Texas but caused less damage to U.S. energy infrastructure than Hurricane Ida caused earlier this month.
Brent crude settled up 9cents to$73.60 a barrel after hitting a session high of $74.28. U.S. West Texas Intermediate (WTI) crude settled up 1 cent, at $70.46, after touching a high of $71.22.
More than 39% of the U.S. Gulf of Mexico's production of crude and natural gas remained shut on Tuesday, the regulator Bureau of Safety and Environmental Enforcement (BSEE) said. Nicholas made landfall in Texas on Monday and was to reach Louisiana on Wednesday, bringing more floods and heavy rains to the Gulf's oil facilities.
"The Gulf situation is not resolving itself quickly," said John Kilduff, partner at Again Capital LLC in New York.
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