WASHINGTON (dpa-AFX) - Oil prices climbed higher on Tuesday with traders weighing the likely impact of the Hurricane Idalia on energy operations in the Gulf of Mexico.
A weak dollar contributed as well to the uptick in oil prices.
The dollar shed ground against most of its major rivals after data showed a drop in U.S. job openings, and a decline in consumer confidence.
West Texas Intermediate Crude oil futures for October ended higher by $1.06 or about 1.3% at $81.16 a barrel.
Brent crude futures were up $1.07 or 1.28% at $84.94 a barrel a little while ago.
According to reports Hurricane Idalia is expected to 'rapidly intensify' and make landfall in Florida on Wednesday, likely causing some production shutdowns in the oil-producing Gulf of Mexico region.
Chevron has reportedly evacuated staff from three Gulf of Mexico oil production platforms ahead of the hurricane.
Menawhile, investors await weekly oil reports from the American Petroleum Institute (API) and U.S. Energy Information Administration (EIA). The API will release its report later today, while the EIA is scheduled to release its inventory data Wednesday morning.
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