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Oil prices rise on US weather disruption, OPEC action speculation

Oil and gas operators in the US Gulf of Mexico have shut production equal to 168,334 barrels-per-day (bpd) of oil

Reuters  |  London 

Oil futures rose on Tuesday supported by production suspensions in the US Gulf due to an expected tropical storm and speculation that producers meeting in Algeria next month will act to prop up prices. Brent crude futures were trading at $49.73 per barrel at 0924 GMT, up 47 cents from the previous close. US West Texas Intermediate (WTI) crude was up 45 cents at $47.43 a barrel. Oil and gas operators in the US Gulf of Mexico have shut production equal to 168,334 barrels-per-day (bpd) of oil and 190 million cubic feet per day of natural gas as a precaution against a tropical ...

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First Published: Tue, August 30 2016. 15:37 IST
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