Oil prices rose on Friday as the U.S. petroleum industry prepared for potential output disruptions as Hurricane Harvey headed for the heart of the nation’s oil industry in the Gulf of Mexico.
The storm has rapidly intensified since Thursday, spinning into potentially the biggest hurricane to hit the U.S. mainland in 12 years and taking aim between Houston and Corpus Christi on the coast of Texas.
U.S. West Texas Intermediate (WTI) crude futures were at $47.74 a barrel at 0320 GMT, up 31 cents, or 0.7 percent, from their last settlement.
