Crude oil prices were up early Friday as a looming tropical storm in the U.S.' Gulf of Mexico has forced oil producers to trim their output levels.
International benchmark Brent crude was trading at $67.03 per barrel at 0613 GMT for a 0.33% gain after it ended Thursday at $66.81 a barrel.
American benchmark West Texas Intermediate was at $60.63 a barrel at the same time for a 0.33% increase after closing the previous session at $60.43 per barrel.
Tropical Storm Barry, which is anticipated to become a category one hurricane, is expected to make landfall Saturday on the U.S.' Louisiana coast -- a region with oil refineries.
On top of refinery output declines, American oil producers in the Gulf of Mexico have suspended oil production by more than 1 million barrels per day, equal to around half of the output in the area.
Hurricanes Harvey and Irma, which were among the most costly hurricanes in the U.S. history, hit the region with a series of storms during the months of August and September in 2017.
While Hurricane Harvey ranks second with estimated damage costs of $125 billion, Hurricane Irma comes in fifth place with $50 billion, according to the National Oceanic and Atmospheric Administration (NOAA).
By Ovunc Kutlu