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Oil prices edge up as storm nears US Gulf Coast after week of heavy losses
Oil prices rose about 1% on Monday due to concerns over a hurricane forecast to hit Louisiana, potentially disrupting production and refining along the U.S. Gulf Coast. Brent futures increased to $71.84 a barrel, while U.S. WTI crude settled at $68.71. The Gulf Coast accounts for about 50% of the country's refining capacity.