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8/27, 11:47 AM (Source: TeleTrader)
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Oil rises as storm Ida approaches Gulf of Mexico

Crude futures jumped over 1% on Friday amid worries of supply disruptions in the Gulf of Mexico due to tropical storms.

Energy companies started halting production in the Gulf as tropical storm Ida headed towards the Gulf Coast with experts warning it could become a hurricane by the time it reaches the region.

West Texas Intermediate (WTI) for October delivery climbed 1.59% to sell for $68.49 per barrel at 5:34 am ET and international benchmark Brent for settlements in October rose 1.34% to go for $72.02 per barrel at 5:11 am ET.

Breaking the News / NP