Oil prices finished higher Thursday as a potential hurricane headed for the Gulf of Mexico raised risks to crude production and refinery activity in the region. Tropical Storm Nate is expected to become a hurricane by the weekend and pass through the center of the Gulf. Speculation over a possible extension to OPEC-led production cuts in the wake of a meeting between Saudi Arabia and Russia also provided support for prices. November WTI crude rose 81 cents, or 1.6%, to settle at $50.79 a barrel on the New York Mercantile Exchange.
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