Oil caps third weekly gain with Ida’s impact in viewBloombergOil gained for a third week, as investors focused on the ongoing production shut-ins in the US Gulf of Mexico because more refineries have resumed operations nearly two weeks after Hurricane Ida tore through the region. Brent crude for October delivery was up 2.06 percent at US$72.92 a barrel, posting a weekly increase of 0.43 percent. Photo: ReutersMore than 1 million barrels a day of US offshore crude production remains shut in after Ida swept through the area nearly two weeks ago. Meanwhile, more Louisiana refineries are resuming operations, raising demand for crude oil. China’s bold, but vague declaration to release oil reserves from its massive strategic stockpiles has some traders questioning the lasting impact of such a move by the world’s biggest crude importer.

Source: Taipei Times September 11, 2021 15:56 UTC