Oil settles a few cents higher as Gulf storm energy output disruptions look modest

Oil settled slightly higher Tuesday, with a storm in the Gulf of Mexico not expected to cause major disruptions to energy production in the region. The U.S. Bureau of Safety and Environmental Enforcement reported that as of 12:30 p.m. Eastern time Tuesday, 54 production platforms, which represent nearly 7.9% of all manned platforms in the Gulf of Mexico, have been evacuated because of the storm. About 9.2% of oil production and nearly 9.1% of natural-gas production in the Gulf has been shut in. October West Texas Intermediate oil CLV8, -0.30% rose 7 cents, or 0.1%, to settle at $69.87 a barrel on the New York Mercantile Exchange. The contract had touched an intraday high of $71.40.

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