NEW YORK (Reuters) -Oil prices jumped on Wednesday and settled up more than 1% as U.S. Gulf of Mexico producers made slow progress in restoring output after Hurricane Ida. Brent settled up 91 cents, or 1.3%, at $72.60 and U.S. West Texas Intermediate (WTI) crude settled up 95 cents, or 1.4%, to $69.30 a barrel. About 77% of U.S. Gulf production remained offline on Tuesday, or about 1.4 million barrels per day (bpd). About 17.5 million barrels of oil have been lost to the market so far. “It’s possible the loss of refining demand and the amount of crude oil might somewhat cancel itself out,” said Bob Yawger, director of energy futures at Mizuho.

Source: MetroXpress September 08, 2021 05:13 UTC