Oil prices rise today amid slow supply return after Hurricane Ida
MELBOURNE (Reuters) – Oil prices rose on Wednesday, paring overnight losses, with producers in the U.S. Gulf of Mexico struggling to restart operations nine days after Hurricane Ida swept through.
U.S. West Texas Intermediate (WTI) crude futures rose 27 cents, or 0.4%, to $68.62 a barrel at 0204 GMT, after sliding 1.4% on Tuesday following the Labor Day holiday.
Brent crude futures inched up 14 cents, or 0.2%, to $71.83 a barrel, after falling 0.7% on Tuesday.
“The market is … weighing up the impact of ongoing delays to the resumption of operations in the Gulf of Mexico,” ANZ Research analysts said in a note.
