Crude oil prices remained steady on Monday as storms closed in on the Gulf of Mexico, shutting more than half the region’s oil production, although prices were capped by ongoing concerns about fuel demand being sapped by coronavirus lockdowns.

Credit: National Hurricane Center

Brent futures slipped 2 cents, or 0.1%, to $44.33 a barrel by 0316 GMT, while U.S. West Texas Intermediate crude was down 2 cents, or 0.1%, to $42.32 a barrel. Both benchmark contracts had risen early on Monday.

Read more: http://www.oedigital.com/news/481150-storms-shut-more-than-half-of-oil-production-in-u-s-gulf-of-mexico?utm_source=AOGDigital-ENews-2020-08-24&utm_medium=email&utm_campaign=OEGDigital-ENews

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