Oil slips as Hurricane Ida weakens, OPEC+ in focus for output increase
LONDON (Reuters) -Oil slipped on Monday, giving up an earlier rally to a four-week high, 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.
Brent crude was down 26 cents, or 0.4%, at $72.44 by 1340 GMT, having reached $73.69 earlier, the highest since Aug. 2. U.S. crude fell 9 cents to $68.65, having earlier touched $69.64, the highest since Aug. 6.
