Hurricane Warnings have been posted along the north central Gulf of Mexico coast, where many refineries operate as well as offshore oil rigs.
Isaac is projected to make landfall possibly as a Category Two hurricane, which made investors a little uneasy since the storm has already led to the closure of 78% of Gulf of Mexico oil production due to evacuations and precautions on oil rigs.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD95.53 a barrel on Tuesday, up 0.07%, off from a session high of USD95.69 and up from an earlier session low of USD95.48.
Isaac continues to churn in the Gulf of Mexico as a strong tropical storm, though the system is expected to upgrade to hurricane status before making landfall Tuesday or early Wednesday.
Oil prices dipped earlier in the U.S. on sentiment that oil rigs and refineries can withstand hurricane-force winds through forecasts had called for Isaac to make landfall as a Category One storm.
A massive explosion at Venezuela's Amuay refinery that killed an estimated 41 people kept prices elevated as well.
Elsewhere in the U.S., weekly crude stockpiles have been falling and market talk said further decline in the country's crude inventories could carry over into this week, which further bolstered prices.
On the ICE Futures Exchange, Brent oil futures for October delivery were down 0.24% and trading at USD112.16 a barrel, up USD16.63 from its U.S. counterpart.
For the latest updates on the stock market, PRESS CTR + D or visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
No comments:
Post a Comment