Oil climbs on slow return of U.S. supply after Hurricane Ida

Hellenic Shipping News | Sep 8, 2021 at 2:00 AM
  • Oil prices rose on Wednesday, supported by a slow production restart in the U.S. Gulf of Mexico and resumption of refining activities, although the gains were capped by a stronger dollar and concerns about the impact of rising coronavirus infections.
  • Brent was up 27 cents, or 0.4%, to $71.96 a barrel, at 0845 GMT, and U.S. West Texas Intermediate (WTI) crude rose 32 cents, or 0.5%, to $68.67 a barrel.
  • Traders will be closely watching inventory data from the American Petroleum Institute industry group due on Wednesday and the U.S. Energy Information Administration on Thursday for a clearer picture of the storm’s impact on crude production and refinery output.