Oil prices rise as U.S. petroleum industry braces for Hurricane Harvey

Oil prices rose on Friday as the U.S. petroleum industry braced for Hurricane Harvey, which has grown into what may become the biggest storm to hit the U.S. mainland in more than a decade, Reuters reported.

According to the source, Harvey has rapidly intensified since Thursday, spinning into potentially the biggest hurricane to hit the U.S. mainland in 12 years, and expected to the coast of Texas between Houston and Corpus Christi.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $47.83 a barrel at 0703 GMT, up 40 cents, or 0.8 percent, from their last settlement.

International Brent crude futures LCOc1 were at $52.53 per barrel, up 49 cents, or 0.9 percent, from their last close.

Prices rose as production in the affected area shut down in preparation for the hurricane, and on expectations that closures could last if the storm causes extensive damage.