Oil Prices Boosted by Hurricane Approaching US Gulf of Mexico
Oil prices saw an increase today on news of oil rigs evacuation from the US Gulf of Mexico due to the approach of hurricane Delta.
The Gulf of Mexico accounts for 17% of US crude output, and has reported an output of 1.65 million bpd in the month of July. Hence, the evacuation of over 180 offshore facilities, translates into a halt of almost 1.5 million barrels per day of oil production.
In response to the news, Brent crude saw a 20 cent rise to $42.19 a barrel, while WTI - an increase of 13 cents to $40.08 a barrel by 02.15 GMT.
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