Brent crude rises as Gulf of Mexico storm intensifies

Oil prices rose on Thursday as a massive storm in the Gulf of Mexico forced oil rigs and refineries to shut, and decline in the U.S. crude inventories.

According to the U.S. National Hurricane Center hurricane Laura is expected to make landfall on the U.S. Gulf Coast today, carrying rains and winds of 240 kilometers an hour, making it a Category 4 storm.

On the other hand, according to the U.S. Energy Information Administration, U.S. crude inventories stood at 507.8 million barrels at the end of the week to Aug. 21, even after a larger-than-expected drop of 4.7 million barrels.

Brent crude futures for October delivery rose 0.3% to $45.79 a barrel, while U.S. Nymex crude futures for October delivery stabilized at $43.42 per barrel.