Oil prices were higher today trading up as producers assessed the impact on output in the Gulf. Over 730K/bpd of production (42%) of Gulf of Mexico output was shut in due to the storm. Both contracts had gained more than 2% on Wednesday as companies evacuated offshore platforms due to Francine. The disruptions are estimated to reduce output this month from the Gulf of Mexico by around 50,000 barrels per day, UBS analysts said. Concerns about weak global oil demand, particularly from top importer China, have weighed heavily on prices in recent months. Brent crude futures settled near a three-year low on Tuesday after the OPEC+ producer group slashed its annual demand growth forecasts for the second month in a row. U.S. gasoline prices are trending towards a three-year low because of weak demand and abundant supplies, analysts said. U.S. gasoline consumption represents nearly 9% of global oil demand. WTI traded up $1.66 or 2.5% to close at $68.97. Brent traded up $1.36 or 1.9% to close at $71.97.