Oil rose on Monday, supported by concerns over shut output in the United States, the world’s biggest producer, following damage from Hurricane Ida, while analysts expected a stable market in coming months.
Brent crude rose 62 cents, or 0.9%, to $73.54 a barrel at 0858 GMT, and U.S. West Texas Intermediate (WTI) crude was up 64 cents, or 0.9%, at $70.36.
Brent has been rangebound between $70 and $74 per barrel in the last three weeks.
“Oil prices may not have much room to rise in the near term, but at the same time are not expected to crash soon,” said Stephen Brennock of broker PVM.
