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 - Get Report) 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.