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Energy Up With Oil As Tropical Storm Slows Gulf Output - Energy Roundup

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07/11/2019 | 04:30pm EDT

Shares of energy companies rose as the majority of oil production in the Gulf of Mexico was shut in because of a tropical storm. Oil futures closed above the psychologically significant $60-per-barrel level for the first time in seven weeks as the U.S. government estimated that oil output in the Gulf of Mexico was reduced by 53% by Tropical Storm Barry. Meanwhile, the number of active U.S. oil and natural gas rigs fell by 17 to 1040 for the week ended July 10, according to a tally from S&P Global Platts Analytics, continuing a recent reduction of activity.

-Rob Curran, rob.curran@dowjones.com

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