Oil gains


    TOKYO- Oil prices rose on Monday as a tropical storm in the Gulf of Mexico forced companies to evacuate rigs and halt production, but gains were kept in check by wider concerns about excess supply and falling fuel demand.

    US West Texas Intermediate (WTI) crude futures were up 18 cents, or 0.5 percent, at $37.51 a barrel. Brent crude gained 9 cents, or 0.2 percent, to $39.92 a barrel.

    Both contracts ended last week lower, falling for a second week in a row.

    Tropical Storm Sally gained in strength in the Gulf of Mexico west of Florida on Sunday and was poised to become a category 2 hurricane. The storm is disrupting oil production for the second time in less than a month after hurricane Laura swept through the region.

    Typically oil rises when production is shut, but with the coronavirus pandemic getting worse demand concerns are to the fore, while global supplies continue to rise. The US is the world’s biggest oil consumer and producer.