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Oil climbs to one-week high amid US supply concerns

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The Esso Fawley oil refinery, operated by Exxon Mobil, is located in Fawley, UK on Thursday, May 14, 2020.

Luc MacGregor | Bloomberg | Getty Images

Oil prices climbed to a week-long high on Monday in a second straight session of gains, as concerns over U.S. supplies from damage from Hurricane Ida supported the market, as well as expectations higher demand.

Brent crude rose 48 cents, or 0.7%, to $ 73.40 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 49 cents, or 0.7%, to $ 70.21 a barrel. barrel. Both markets were at their highest since September 3 earlier in the session.

About three-quarters of oil production off the Gulf of the United States, or about 1.4 million barrels per day, have been at a standstill since late August – roughly equal to what Nigeria, member of OPEC.

“To make matters worse, more and more oil refineries in Louisiana have resumed operations, increasing demand for crude oil,” ANZ analysts said in a note.

Royal Dutch Shell Plc, the largest oil producer in the Gulf of Mexico in the United States, on Thursday canceled some export shipments due to damage to offshore facilities from Hurricane Ida, signaling that energy losses would continue. would continue for weeks.

However, the number of platforms in service in the United States has increased over the past week, energy service provider Baker Hughes said, indicating that production could increase in the coming weeks.

Beyond Ida’s impact, market attention this week will focus on potential revisions to the 2022 oil demand outlook from the Organization of the Petroleum Developing Countries (OPEC) and the International Agency. of energy (AIE). OPEC will likely revise its forecast lower on Monday, two people familiar with the matter said.

Fund managers increased their net long positions in US crude futures and options during the week to September 7, the Commodity Futures Trading Commission (CFTC) said on Friday. The speculative group increased its combined position in futures and options in New York and London from 1,035 contracts to 279,610 during the period.

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