Oil prices edges up as storms takes aim at Gulf of Mexico; gains capped

By Jessica Jaganathan SINGAPORE (Reuters) - Crude oil prices nudged higher on Monday as storms bore down on the Gulf of Mexico, shutting more than half the region's oil production, although gains were capped by ongoing concerns about demand from coronavirus lockdowns.

Hurricane Marco and Tropical Storm Laura tore through the Caribbean and Gulf of Mexico on Sunday, forcing energy companies to pull workers from offshore platforms and shut down oil production. Oil producers had shut 58% of the Gulf's offshore oil production.....

This article is no longer available in our repository.

There could be multiple reasons for this.