Oil Prices Rise as Hurricane Idalia Bears Down on Florida

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Oil Prices Rise as Hurricane Idalia Bears Down on Florida
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Hurricane Idalia strengthens to a Category 4 hurricane and is expected to hit Florida early Wednesday, threatening a key area for oil production.

Crude prices ticked higher Wednesday as Hurricane Idalia beared down on Florida, threatening oil production in the Gulf of Mexico.

Idalia strengthened to a Category 4 hurricane and is expected to hit Florida’s Gulf Coast early Wednesday, threatening a key area for oil production. The storm at least looks to be disrupting energy operations, with Chevron having evacuated staff from three offshore oil platforms while Kinder Morgan planned to shut a petroleum pipeline, Reuters reported, citing the companies.

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