Financial, market and economic news

Oil Prices Rise On Hurricane, Crude Draw

Oil prices rose further on Wednesday, with WTI breaking $40 per barrel as Hurricane Sally continues to wreak havoc in the Gulf of Mexico. More than 27% of all offshore oil and gas production in the GoM remained shut as of Wednesday. Combined with the crude oil stock draw reported by the Energy Information Administration, the Hurricane sent oil prices up by nearly 5 percent. At 4:00 pm EDT, WTI was trading up $1.83 (4.78%) at $40.11 per barrel, with Brent crude trading up $1.71 (4.22%) on the day at $42.24 per barrel. It is the first time in nearly…

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