Oil prices up, off session highs after Ida; OPEC+ looks to boost output
NEW YORK (Reuters) -Oil edged higher on Monday, but remained below session highs as Hurricane Ida weakened after forcing shutdowns of U.S. Gulf oil production, and OPEC+ looked set to go ahead with a planned oil output increase.
Within 12 hours of coming ashore, the storm had weakened into a Category 1 hurricane. Nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended in advance of the storm.
The storm’s move inland shifted the focus to when oil refiners can restart and produce fuels after heavy winds and rains.
“We’re in wait-and see mode on how badly the refiners will be impacted by the power outages,” said John Kilduff, a partner at Again Capital Management in New York.
