WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Tuesday on reports producers have slowed down production in the U.S. Gulf of Mexico ahead of Hurricane Ian.
According to the Bureau of Safety and Environmental Enforcement, about 11% of oil production and 8.56% of natural gas production in the Mexican gulf region has been shut due to the storm, which has advanced to the west coast of Florida.
West Texas Intermediate Crude oil futures for November ended higher by $1.79 or about 2.3% at $78.50 a barrel, more than a dollar down from the session's high of $79.51 a barrel.
Brent crude futures were up $2.22 or 2.68% at $85.08 a barrel a little while ago.
Oil futures had tumbled to near 9-month lows on Monday.
Iraq oil minister Ihsan Abdul Jabbar said on Monday that OPEC and its ally Russia were keeping an eye on the oil price situation, raising the possibility of the group cutting output at next week's meeting.
'We don't want a significant spike in oil prices or a collapse,' Jabbar said in an interview broadcast on Iraqi state television.
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