(Bloomberg) — Oil edged higher as production was disrupted by two storms approaching the U.S. Gulf Coast.
Futures rose 0.8% in New York. Almost 58% of crude output, or more than 1 million barrels a day, in the Gulf of Mexico was closed as of midday Sunday. The storms Marco and Laura — the latter of which is forecast to become a hurricane — are coming from different directions and have the potential to cause billions of dollars in damage. The weather systems could force refineries to shut and also hit demand when they near land.
Crude, and other risk assets including equities, received a boost on Monday amid a thaw in U.S.-China relations. President Donald Trump’s team was said to be privately seeking to reassure American companies that they can still do business with the WeChat messaging app in China.