Oil Prices Rise As Another Storm Rocks U.S. Gulf Coast

Nearly half of all oil production on the U.S. Gulf Coast has been shut-in ahead of Tropical Storm Zeta, the Bureau of Safety and Environmental Enforcement (BSEE) said on Tuesday afternoon. And the oil markets are cheering. In the latest update on the multitude of storms making their way through the Gulf Coast this year, disrupting U.S. oil production, the BSEE reports that 154 platforms in the Gulf have been evacuated—a figure that represents nearly a quarter of the 643 manned platforms residing in the Gulf. Crude oil prices responded favorably…