US crude prices fall amid supply concerns from Gulf of Mexico

U.S. West Texas Intermediate crude fell during Tuesday’s trading session while Brent crude oil futures rose marginally following the tropical storms in the Gulf of Mexico that led to production cuts by some US oil refinerers.

Oil and gas producers have shut-in 1.5 million barrels per day of oil production in the Gulf coast, or roughly 82% of its total output.

Traders are also weighing the latest development of rising coronavirus cases in Asia and Europe.

Brent crude oil futures for October delivery rose 0.1%, to $45.19 a barrel, while U.S. West Texas Intermediate crude for October delivery fell 0.3%, at $42.50 a barrel.