Oil Prices Inch Up as Gulf Output Disruption Looms Large ...Middle East

Crude oil prices moved higher earlier today on anticipation that tropical storm Francine would disrupt oil and gas production in the Gulf of Mexico. News that Exxon was reportedly cutting production rates at its refinery in Baton Rouge, Louisiana, helped prices move higher. Reuters reported on Tuesday, citing unnamed sources, that Exxon planned to slash production at the 522,500-bpd facility to just 20% of capacity ahead of Francine’s landfall. “We’re closely monitoring and preparing for severe weather that may impact our Baton…

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