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Crude oil production halted along Gulf Coast ahead of impact of Tropical Storms

Oil producers have shut 13 percent of  crude oil production ahead of  tropical storms Laura and Marco that are forecast to reach the Gulf  of  Mexico in coming days.
 
Murphy Oil Corporation and BHP evacuated some workers and Royal Dutch Shell began shutting oil and gas production at most of  its offshore operations. 
 
Murphy Oil said it was making plans for possible production cuts, while BP Plc and Chevron Corporation began production shutdowns on Friday. 
 
The producers halted more than 240,000 barrels per day of  oil production.
 
                                                                                                                              
 Meanwhile, crude oil prices nudged higher today due to the threat of  the two storms.
 
Brent crude oil futures added 8 cents to US$44.43 a barrel while U.S. West Texas Intermediate crude was up 7 cents to US$42.41 a barrel.
 
Both benchmark contracts fell about 1% on Friday on economic concerns and rising crude supply.


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