Producers have shut more than 1.5-million barrels per day of Gulf Coast offshore oil production, nearly 14% of the nation’s total output
London — Crude oil prices rose on Tuesday, supported by production cuts in the US Gulf Coast as Tropical Storm Laura was forecast to become a major hurricane, while rising coronavirus cases in Asia and Europe capped gains.
“Overall, hurricanes may be limiting supply this week, helping prices maintain and even slightly hike their levels, but the market will soon again focus on the biggest hurricane of them all, Covid-19,” Bjonar Tonhaugen, head of oil markets at Rystad Energy, said. Energy companies cut production at US Gulf Coast oil refineries on Monday after shutting 82% of the area’s offshore crude oil output as a rare double-storm assault on US oil regions threatened heavy rains and strong winds.
Europe is also seeing a rise in coronavirus cases, including reinfection. Two reinfections were reported in Europe and one in Hong Kong this week.
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