LONDON (Reuters) -Oil slipped on Monday, giving up an earlier rally to a four-week high, as Hurricane Ida weakened after forcing shutdowns of U.S. Gulf oil production, and OPEC+ looked set to go ahead with a planned oil output increase. Nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended in advance of the storm. “Hurricane Ida will dictate oil’s near-term direction,” said Jeffrey Halley, senior market analyst at OANDA. OPEC+ meets on Wednesday to discuss a scheduled 400,000 bpd increase in its oil output, in what would be a further easing of the record output cuts made last year. OPEC delegates say they expect the increase to go ahead, although Kuwait’s oil minister said on Sunday it could be reconsidered.

Source: MetroXpress August 30, 2021 08:26 UTC