Oil Prices Jump 3% as Hurricane Takes 675,000 bpd Offline in the Gulf of Mexico

Oil prices climbed nearly three percent on Wednesday afternoon, spurred by the fear of supply disruptions as Hurricane Francine bulldozes its way through the Gulf of Mexico, where major operators have already shut-in some production and evacuated some personnel.  The price surge comes in spite of the Energy Information Administration’s (EIA) inventory report that came out earlier in the day, showing an increase in U.S. stockpiles, initially causing oil to move lower before hurricane headlines reclaimed the trading day.  The fears…