Oil Production Halts Ahead Of Tropical Storms – 24 August, 2020

Oil prices were mixed ahead of Tropical storms set to hit the U.S. Gulf Coast and traders weighed production cuts. Bernt crude oil futures were up 0.2% or 9 cents to $45.22 per barrel. U.S. West Texas Intermediate crude fell 0.2% or 9 cents to $42.53 per barrel. As the rare double storms Marco and Laura are under watch, Energy companies have shut 82%  of the areas offshore crude oil output, nearly 1.5 million barrels per day and 14% of the nations output in an effort to prepare for the harsh weather. For a fifth straight week,  U.S. crude stockpiles fell, while COVID-19 continues to spread across the country.