Oil falls as US refiners shut down by damage from Hurricane Ida

MELBOURNE – Oil prices fell on Tuesday on concerns that power outages and flooding in Louisiana after Hurricane Ida will cut crude demand from refineries at the same time global producers plan to raise output.

U.S. West Texas Intermediate (WTI) crude futures were down 41 cents, or 0.6%, to $68.80 a barrel at 0245 GMT, reversing most of Monday’s gains.

Brent crude futures for October, due to expire on Tuesday, were down 46 cents, or 0.6%, at $72.95 a barrel, after gaining nearly 1% on Monday. The more active November contract fell 42 cents, or 0.6%, to $71.81.

The prospect that extended refinery outages will curb oil demand weighed on prices.