Oil prices rise 1% as storms head towards Gulf of Mexico

Oil prices rose nearly 1% on Monday as a twin storm threat bore down on the Gulf of Mexico.

The Bureau of Safety and Environmental Enforcement (BSSE) estimated on Sunday that about 57.6% of current oil production, or more than 1 million barrels per day, had been shut down in the Gulf of Mexico, along with 44.6% of natural gas production.

Brent crude futures rose 1.01%, or 45 cents, to $ 44.8 a barrel, at 03:15 pm, Riyadh time.

US crude futures for October delivery rose 0.99%, or 42 cents, at $ 42.76 a barrel.