Crude oil prices point higher in Asia on Atlantic hurricanes

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.

Crude oil prices pointed higher on Tuesday for Asia after a thin overnight session with U.S. markets closed as Hurricane Gordon bears down on the U.S. Gulf coast.

ICE Brent crude oil futures were last quoted up 0.48% to $78.01 a barrel. NYMEX West Texas Intermediate was last quoted up 0.43% to $70.01 a barrel.

Anadarko Petroleum on Monday evacuated workers and shut production at two oil platforms in the northern Gulf of Mexico ahead of the approach of Gordon. The move will likely result in decreased output. Another hurricane, Florence, is brewing in the Atlantic.

Weekly figures from API and EIA on crude and refined product inventories will likely be delayed by a day because of the U.S. Labor Day holiday on Monday. The API estimates will come out on Wednesday at 4:30 pm U.S. EDT and the EIA on Thursday at 10:30 am U.S. EDT.