Energy companies evacuate Gulf as tropical storm strengthens

|By:, SA News Editor

Oil firms are evacuating Gulf of Mexico rigs as tropical storm Karen looks set to become a hurricane; Anadarko (APC) and Exxon Mobil (XOM) were curbing Gulf production yesterday, and companies including BP, Chevron (CVX) and Shell (RDS.A, RDS.B) began evacuating workers from operations in the storm’s path.

Oil prices are up only modestly, as WTI +0.7% to $104.01/bbl and Brent +0.6% to $109.63; prices have been pulled down by the U.S. government shutdown, declining geopolitical risks and positive inventory data released earlier this week, but the storm is helping oil prices find support.

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