Oil prices edge up as storm nears US Gulf Coast after week of heavy losses
Oil prices rose about 1% on Monday on concerns that a hurricane forecast to hit Louisiana on Wednesday will disrupt production and refining along the U.S. Gulf Coast.
Brent futures were up 78 cents, or 1.1%, to settle at $71.84 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.04, or 1.5%, to settle at $68.71.
On Friday, Brent and U.S. diesel futures closed at their lowest prices since December 2021. WTI closed at its lowest price since June 2023 and U.S. gasoline futures closed at their lowest level since February 2021.
In the U.S., oil and gas producers along the Gulf Coast started evacuating staff and curbing drilling to prepare for Tropical Storm Francine as it churned across the Gulf of Mexico.
The U.S. National Hurricane Center projected Francine will strengthen into a hurricane on Tuesday before hitting the Louisiana coast. The Gulf Coast accounts for about 50% of the country's refining capacity, according to the U.S. Energy Information Administration (EIA).
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