Hurricane Barry Takes Aim at Louisiana - 3 Things to Know About Oil Prices

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Hurricane Barry is starting to lash Louisiana and is threatening to decimate a large chunk of America's Gulf of Mexico offshore oil operation. 

Brent crude-oil prices for September delivery rose 0.3% Friday to $66.72 a barrel, while West Texas Intermediate oil for August delivery added 0.02% to $60.21. 

Here's what oil investors need to watch: 

Chevron (CVX) - Get Report , Exxon Mobil (XOM) - Get Report , British Petroleum (BP) - Get Report and Royal Dutch Shell (RDS.A) all evacuated staff from rigs in the Gulf area. The region represents roughly 20% of all U.S. oil output, so a huge chunk of supply is threatened, bringing the price of oil up.

Barry is hitting Gulf oil production just as the International Energy Agency says oil demand growth will remain a key focus as global manufacturing output declines, an issue Federal Reserve Chairman Jerome Powell flagged in his recent testimony before Congress. 

BP is a holding in Jim Cramer's Action Alerts PLUS member club. Hear what he has to say about the stock. Learn more now.

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