Oil prices were higher today rising as a storm brewing in the gulf could hit Louisiana on Wednesday and potentially disrupt production and refining activity along the Gulf Coast. On Friday, Brent and U.S. diesel futures closed at their lowest prices since December 2021. WTI closed at its lowest price since June 2023 and U.S. gasoline futures closed at their lowest level since February 2021. The U.S. National Hurricane Center projected Francine will strengthen into a hurricane on Tuesday before hitting the Louisiana coast. The Gulf Coast accounts for about 50% of the country’s refining capacity, according to the U.S. Energy Information Administration (EIA). “A small recovery in prices is under way … inspired by hurricane warnings that might threaten the U.S. Gulf Coast, but the wider conversation remains on where demand will come from and what OPEC+ can do,” said John Evans, an analyst at PVM. WTI traded up $1.04 or 1.5% to close at $68.71. Brent traded up $.78 or 1.1% to close at $71.84.