Reuters

Oil climbs to one-week high on U.S. supply concerns

Oil prices climbed on Monday to a one-week high in a second straight session of gains as concerns over U.S. supplies following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude rose 48 cents, or 0.7% to $73.40 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 49 cents, or 0.7%, to $70.21 a barrel. About three-quarters of the U.S. Gulf’s offshore oil production, or about 1.4 million barrels per day, has remained halted since late August – roughly equal to what OPEC member Nigeria produces.

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