Oil Futures Brought Up by Hurricane Isaac, IEA Strategic Reserves Update

The Wall Street Journal reported that oil futures gained following the announcement that the International Energy Agency is unlikely to release strategic oil reserves and news that Hurricane Isaac has shut down most oil output in the Gulf of Mexico.

As quoted in the market news:

Oil futures climbed 86 cents, or 0.9%, to $96.33 a barrel on the New York Mercantile Exchange after a report dismissed the chance of an emergency oil-stockpile release. Gasoline futures, which jumped 2.5% Monday, closed at $3.1261 a gallon, down 2.87 cents, or 0.9%. Brent crude futures settled at $112.58, up 32 cents, or 0.3%.

The National Hurricane Center upgraded Isaac to hurricane status. The storm has a “dangerous” storm surge and threatens to result in heavy rainfall, the NHC said.

The U.S. Bureau of Safety and Environmental Enforcement, which oversees offshore oil-and-gas operations, said as of 12:30 p.m. EDT Tuesday, 1.29 million barrels a day of crude, or 93% of the oil production in the Gulf’s federal waters, were offline.

Click here to read the full report from The Wall Street Journal.