Oil Edges Up As Storms Take Aim At Gulf Of Mexico, More Than Half of Region’s Oil Production Shut

Brent crude oil futures added 8 cents, or 0.2%, to $44.43 a barrel by 0040 GMT while U.S. West Texas Intermediate crude was up 7 cents, or 0.2%, to $42.41 a barrel.

Both benchmark contracts fell about 1% on Friday on economic concerns and rising crude supply. “Crude prices rose higher as double trouble in the Atlantic could lead to huge disruptions with oil operations in the Gulf of Mexico,” said Edward Moya, senior market analyst at OANDA in New York.

“Oil’s gains, however, are likely to be muted as virus uncertainty continues to weigh on the crude demand outlook.”