Oil advanced as a brewing hurricane shuts Gulf of Mexico crude production while the Federal Reserve reinforced its support to begin tapering stimulus by the end of the year. Oil advanced as a brewing hurricane shuts Gulf of Mexico crude production while the Federal Reserve reinforced its support to begin tapering stimulus by the end of the year. Futures in New York rose 2% on Friday to post the biggest weekly gain in more than a year. Oil producers in the U.S. Gulf of Mexico have begun shutting production ahead of Hurricane Ida, which may make landfall in the New Orleans area in the next few days as a Category 3 hurricane. Meanwhile, Federal Reserve Chair Jerome Powell said the central bank could begin reducing its monthly bond purchases this year, though it won’t be in a hurry to begin raising interest rates thereafter. The central bank had hinted […]