Crude oil prices were mixed on Tuesday as traders weighed massive production cuts in the U.S. Gulf Coast from Tropical Storms Marco and Laura against rising coronavirus cases in Asia and Europe.
Brent crude oil futures LCOc1 added 9 cents, or 0.2%, to $45.22 a barrel by 0419 GMT, while U.S. West Texas Intermediate crude CLc1 was down 9 cents, or 0.2%, at $42.53 a barrel, as reported by Reuters.
Read alsoNaftogaz to boost Egyptian output, eyeing new developments – media
Energy companies moved to cut production at U.S. Gulf Coast oil refineries on Monday after shutting 82% of the area's offshore crude oil output as the rare double-storm assault on key U.S. oil regions threatens to bring days of heavy rains and strong winds this week.
Producers have shut more than 1.5 million barrels per day of Gulf Coast offshore oil production, nearly 14% of the nation's total output.
