Energy companies shut down 82% of offshore crude production as hurricanes roll in
An oil tanker unloads crude oil at a crude oil terminal in Zhoushan, Zhejiang province, China. Picture: REUTERS/STRINGER/CHINA OUT
Brent crude oil futures added 9c, or 0.2%, to $45.22 a barrel by 4.20am GMT, while US West Texas Intermediate crude was down 9c, or 0.2%, at $42.53 a barrel. Energy companies moved to cut production at US Gulf Coast oil refineries on Monday after shutting 82% of the area’s offshore crude oil output as the rare double-storm assault on US oil regions threatens to bring days of heavy rains and strong winds this week.
A US infectious diseases expert warned on Monday that rushing out vaccines could undermine trials of other promising candidates, following a boost to markets after US regulators authorised the use of blood plasma from recovered Covid-19 patients as a treatment option.
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