Oil prices rise ahead of hurricane but gains capped by Cushing stockpiles
New York — Oil prices rose on Tuesday as the market prepared for potential supply disruptions due to a hurricane forecast to hit the US Gulf Coast, but gains were capped by a report that Cushing, Oklahoma, stockpiles rose last week. US West Texas Intermediate (WTI) crude futures rose 32c to $70.12 a barrel by 3.34pm GMT after hitting a session high of $71.40. US markets were closed on Monday for the Labor Day holiday. Brent crude, which traded on Monday, was up 20c at $78.35 a barrel, down from a session high of $79.72. Both benchmarks jumped earlier after the evacuation of two Gulf of Mexico oil platforms in preparation for Tropical Storm Gordon. The storm is expected to become a Category 1 hurricane, making landfall near the Mississippi-Alabama border. Vessel traffic along the US Gulf Coast on Tuesday was under restrictions ahead of Gordon. The Gulf of Mexico is home to 17% of US crude oil production and 5% of natural gas output daily, according to the US Energy Information Admini...
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