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Oil prices climb on suppliers switching off production ahead of storm hitting Gulf of Mexico

Semi-submersible Drilling Platform, Noble Danny Adkins, Moved Through Port Aransas Channel
International benchmarks WTI and Brent Crude rose 1.85 per cent and 1.62 per cent to $66.87 and $72.22 respectively (Photo by Tom Pennington/Getty Images)

Oil prices jumped today and are set to post huge gains for the week as energy suppliers shut off production in the Gulf of Mexico in preparation of a storm hitting the area on the weekend.

International benchmarks WTI and Brent Crude rose 1.85 per cent and 1.62 per cent to $66.87 and $72.22 respectively.

Oil majors have begun curbing production at offshore platforms as a storm brewing in the Caribbean Sea was forecast to barrel through the Gulf on the weekend.

The Gulf accounts for around 17 per cent of US crude oil production and 5 per cent of dry natural gas production.

Oil prices have gained around $8 since the start of the week.

Craig Erlam, senior market analyst at OANDA Europe, said: “We may also be seeing prices rising in anticipation of Tropical Storm Ida reaching the Gulf on Friday before making landfall as a category three hurricane.”

“The risk of the intensity increasing ahead of making landfall may be supporting prices into the end of the week. Various companies have been removing workers from offshore facilities in anticipation of the storm.”