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9/14, 9:59 AM (Source: TeleTrader)
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Oil higher as tropical storm pauses production

Oil prices moved higher on Monday as a tropical storm in the Gulf of Mexico shut down production in the area, disrupting crude production.

Tropical storm Sally was set to make landfall as a hurricane near New Orleans later in the day, however, gains were capped by continued concerns about demand due to the coronavirus pandemic.

Brent contracts for November settlements were up 0.30% to $39.95 per barrel at 3:40 am ET. At the same time, West Texas Intermediate for October delivery climbed 0.46% to $37.50 per barrel.

Breaking the News / JC