Oil settles higher as Hurricane Delta intensifies, raising the risk to energy facilities in the Gulf of Mexico

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Oil futures settled higher on Tuesday as Hurricane Delta became a Category 4 major hurricane and looked to put energy facilities in the Gulf of Mexico at risk later this week. The price moves come ahead of Wednesday’s weekly update from the Energy Information Administration on U.S. crude supplies. On average, analysts polled by S&P Global Platts expect the government agency to report a weekly crude inventory decline of 2 million barrels. November West Texas Intermediate crude rose $1.45, or 3.7%, to settle at $40.67 a barrel on the New York Mercantile Exchange.
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