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 Benchmark oil for November delivery rose 53 cents to close at $103.84 on the New York Mercantile Exchange. For the week oil rose 97 cents, snapping a three-week losing streak that knocked $7.66, or 7 percent, off the price of a barrel.
Several oil companies operating in the Gulf of Mexico, including Exxon, said they were taking precautionary measures, including the evacuation of non-essential personnel from offshore installations in the path of the tropical storm that could turn into a weak hurricane over the weekend.
The potential disruption comes amid the budget impasse in the U.S. Some 800,000 federal workers and scores of agencies were idled this week after a sharply divided U.S. Congress failed to agree on short-term funding for the government to pay its bills beyond Monday, when the fiscal year ended.
A prolonged halt to government activities would reduce demand for energy and result in lower prices of fuels such as gasoline. That would be a boon for drivers but also signal a weak economy.
Drivers are already seeing relief at the pump. The nationwide average price for a gallon of gas is now $3.37, down 22 cents from a month ago and 41 cents cheaper than at this time last year.
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