Oil gains on storm-hit US output and Covid-19 treatment hopes

Crude oil prices rose on Monday as storms closed in on the Gulf of Mexico, shutting more than half its oil production, and on signs of progress in development of a Covid-19 treatment. Brent crude LCOc1 was up 33 cents, or 0.7%, at $44.68 a barrel by 1033 GMT. U.S. West Texas Intermediate crude CLc1 rose 32 cents, or 0.8%, to $42.66.