Oil Climbs as Storm Ravages U.S. Gulf and Global Risks Abound
- Hurricane Michael shuts more Gulf of Mexico crude platforms
- International Energy Agency chief sounds alarm about supplies
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Crude advanced as Hurricane Michael shut more offshore oil platforms and the International Energy Agency warned that the global market is entering a “red zone.”
Futures advanced 0.9 percent in New York on Tuesday. As Michael barreled toward Florida, about 40 percent of oil output in the U.S. Gulf of Mexico was shut. Globally, supplies from Iran and Venezuela have been shrinking, creating a “risky situation” for the world economy, said IEA Executive Director Fatih Birol. At the same time, spare crude in American tanks probably increased for a third straight week, according to a Bloomberg survey.