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Crude Oil Rises as Gulf Braces for Hurricane Michael

Crude oil prices rose as the impending impact of Hurricane Michael has put a stop to some U.S. oil output in the gulf coast region.

Crude futures rose 0.6 percent as concerns over the storm’s impact has cause production shutdowns in the oil rich region.  According to reports, production could drop as much as 19 percent.  The International Energy Association has already called on producers in other parts of the world to increase production as concerns about supply mount.

Related: Hurricane Causes Automakers to Temporarily Suspend Facility Operations

Crude has already seen a 20 percent increase this year, as international tension and pipeline bottlenecks in the United States have cut down on supply.

Posted on October 9, 2018 at 1:42 pm

Categories: News

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