U.S. oil futures jumped by 4.5 percent to $60.43 a barrel on Wednesday as potential Tropical Storm Barry, which is expected to form by Thursday, threatened to disrupt crude oil production in the Gulf of Mexico. The close marked a seven-week high, and the first time futures have gone above $60 since May 22. Personnel have been evacuated from 15 production platforms and four rigs in the Gulf, according to the U.S. Bureau of Safety and Environmental Enforcement. Three other rigs have been moved. Oil prices also got a lift from a report by the American Petroleum Institute and the Energy Information Administration that crude oil inventories declined last week.
need to know now