Oil rises more than 2% as hurricane hits US output

16/09/2020 Argaam

Oil prices rose on Wednesday with US offshore oil and gas production in the Gulf of Mexico remaining disrupted as Hurricane Sally made landfall on Alabama’s Gulf Coast, and ahead of the release of US inventory data.

 

Brent crude was up 2.1%, at $41.38 a barrel, as markets closed in Saudi Arabia.

 

US West Texas Intermediate crude, meanwhile, rose 2.3% to $39.12 a barrel.

 

More than 25% of US offshore oil and gas was offline and export ports were closed on Tuesday as Hurricane Sally neared the US Gulf Coast, Reuters reported.

 

Meanwhile, US crude oil inventories fell by 9.5 million barrels last week, data from industry group the American Petroleum Institute showed on Tuesday.

 

Energy Information Administration (EIA) data on US inventories will be published later today.

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