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July 16, 2019, 2:19 p.m. EDT

More than half of Gulf of Mexico oil production remains offline after Hurricane Barry

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By Myra P. Saefong

Oil production in the Gulf of Mexico improved for a second straight day on Tuesday , but more than half remained offline. About 58% of Gulf oil production and 51% of natural-gas production has been shut in, according to the Bureau of Safety and Environmental Enforcement. That marks an improvement from Monday, when 69% of oil and nearly 61% of natural-gas output was down. August West Texas Intermediate oil traded down $2.32, or 3.9%, at $57.26 a barrel after U.S. Secretary of State Mike Pompeo reportedly said that Iran is ready to talk about its missile program. August natural gas shed 10.1 cents, or 4.2%, to $2.308 per million British thermal units.

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