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Tropical Storm Barry Approaches Louisiana - 3 Things to Know About Oil Prices

Video credit: The Street
Published on July 12, 2019 - Duration: 00:35s

Tropical Storm Barry Approaches Louisiana - 3 Things to Know About Oil Prices

Tropical Storm Barry is approaching Louisiana, threatening to decimate a large chunk of the U.S. oil supply.

Brent crude oil prices rose 0.26% Friday, to $66.78 a barrel.

Here's what oil investors need to watch: Chevron , Exxon Mobil , British Petrolium and Royal Dutch Shell all evacuated staff from rigs in the gulf area.

The gulf area represents roughly 20% of all U.S. oil output, so a huge chunk of supply is threatened, bringing the price of oil up.

The International Energy Agency said oil demand growth will remain a key area of focus.

The agency mentions that as global manufacturing output has declined, an issue Federal Reserve Chairman Jerome Powell flagged in his hearing with Congress.

TheStreet's Martin Baccardax has the full story on Barry and oil.

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