Reuters reported that Hurricane Isaac, the first hurricane to touch down on the United States this year, has moved on, allowing major offshore oil drillers to bring staff back to oil platforms in the Gulf of Mexico.
As quoted in the market news:
“We are now fully in the cleanup and recovery phase of this storm,” said New Orleans Mayor Mitch Landrieu.
Brent crude oil was up $1.90 to $114.55 a barrel on Friday, although major oil facilities on the Gulf of Mexico made it through Isaac mostly unscathed.
BP Plc and Royal Dutch Shell both said they were returning staff to their Gulf of Mexico offshore oil platforms. Production could take several days to ramp up to pre-Isaac levels.
Louisiana’s coastal oil refineries also began to power back up. Most came through Isaac unscathed.