Oil climbed to the highest in more than a month as Hurricane Delta forces operators to shut in nearly 92% of crude output in the Gulf of Mexico. Futures in New York rose 3.1% as Gulf of Mexico producers shut in 1.7 million barrels a day of production ahead of Delta, which is forecast to slam into the already battered Louisiana coast on Friday as a Category 2 hurricane. Prices also gained as an oil-workers strike in Norway threatens almost a quarter of its output. Meanwhile, some members of OPEC+ may be reconsidering plans to boost output in the next few months.
Oil remains bound within a narrow trading range near $40 a barrel as fiscal stimulus talks in Washington have yet to yield any concrete action at a time when flagging demand limits price gains. House Speaker Nancy Pelosi said there could be no action on a stand-alone bill to aid airlines or any other sector of the economy without an agreement on a wider package.
In the meantime, governments around the world are responding to the evolving virus situation. France is expanding restrictions and New York City is closing another 61 public schools as the broader state sees the most new cases since the middle of May.