Hurricane hurt Gulf of Mexico oil production, causing 2% gain in crude oil prices

Thursday and the impact of Hurricane Francine in Louisiana resulted in a 2% gain in crude oil prices.

Offshore oil-producing areas of the Gulf of Mexico were hit by the hurricane and as a result, more than 730,000 barrels a day or nearly 42% of the oil output was shut-in, according to the U.S Bureau of Safety and Environmental Enforcement.

West Texas Intermediate crude gained $1.66 or 2.5% and settled at $68.97 a barrel on the New York Mercantile Exchange.

Global benchmark Brent crude managed an increase of $1.36 or 1.9% and finished at $71.97 a barrel on ICE Futures Europe.

Thursday was another split day for trading of Oklahoma energy stocks.

Empire Petroleum gained nearly 6% for the day but numerous others recorded moderate losses of 1% or less.