Oil prices settle higher as more production shuts ahead of hurricane
USO•Brent settled up 0.42% at $104.72 a barrel and U.S. WTI rose 0.39% to $91.85 as Hurricane Isaias approached the Gulf of Mexico. Producers had shut in about 1.3 million barrels per day of U.S. offshore oil production as of Thursday.
1. Hurricane curbs production
Oil prices settled higher Friday as Hurricane Isaias moved toward the northern Gulf of Mexico. Producers had shut in about 1.3 million barrels per day, or 62.9%, of current U.S. offshore oil production as of Thursday, according to the U.S. Marine Minerals Administration.
2. Prices face competing pressures
Brent crude futures settled up 44 cents, or 0.42%, at $104.72 a barrel, while U.S. West Texas Intermediate futures gained 36 cents, or 0.39%, to $91.85. Prices were pressured earlier after President Donald Trump described discussions with Iran as productive and China planned to resume refined fuel exports after a brief holiday halt. Brent and WTI were set for weekly gains as threats to shipping in the Gulf and Strait of Hormuz and supply disruptions continued to affect the market.
