Oil prices extended gains on Tuesday, hovering near a six-week high, on signs another storm could affect output in Texas this week even as the U.S. industry struggles to return production after Hurricane Ida wreaked havoc on the Gulf Coast.
Brent crude rose 15 cents, or 0.2% to $73.66 a barrel by 0048 GTM, having gained 0.8% the previous day. U.S. West Texas Intermediate (WTI) crude also climbed 23 cents, or 0.3%, to $70.68 a barrel, after rising 1.1% on Monday.
Both benchmarks were hovering near their highest since early August hit the previous day.
Evacuations were underway on Monday from offshore U.S. Gulf of Mexico oil platforms as onshore oil refiners began preparing for Tropical Storm Nicholas, which was heading towards the Texas coast with 70 miles per hour(113 kph) winds, threatening coastal Texas and Louisiana still recovering from Hurricane Ida.
