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SINGAPORE- Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market.
Brent added 23 cents, or 0.32 percent to $72.83 a barrel and West Texas Intermediate (WTI) crude rose 15 cents, or 0.22 percent, to $69.45 a barrel.
“US production is struggling to recover from Hurricane Ida,” ANZ said in a note. “Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm.”
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About 77 percent of US Gulf production remained offline on Tuesday, or about 1.4 million barrels per day (bpd). The market has lost about 17.5 million barrels of oil so far. – Reuters
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