Gulf of Mexico oil production down by more than 80% due to twin tropical storms

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Oil production in the Gulf of Mexico continued to decline Monday as Tropical Storms Marco and Laura closed in on the region. About 82% of Gulf oil production and 57% of natural-gas production has been shut in, according to the Bureau of Safety and Environmental Enforcement. On Sunday, the BSEE had reported shut ins of 57.6% in oil output and 44.6% in natural-gas production. In electronic trading, October West Texas Intermediate oil traded at $42.43 a barrel, down from the Nymex settlement of $42.62. September natural gas was little changed from the day’s session, trading at $2.514 per million British thermal units.
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