SINGAPORE: Oil prices rose for a second session on Monday as concerns over shut output in the United States, the world's biggest producer, following damage from Hurricane Ida supported the market, along with expectations for higher demand. About three-quarters of the offshore oil production in the U.S. Gulf of Mexico, or about 1.4 million barrels per day, has remained halted since late August, roughly equal to what OPEC member Nigeria produces. U.S. refiners are coming back faster than oil production from the impact of Hurricane Ida, a reverse of past storm recoveries. Royal Dutch Shell Plc, the largest oil producer in the U.S. Gulf, on Thursday cancelled some export cargoes because of damage to offshore facilities from Hurricane Ida, signalling energy losses would continue for weeks. China said on Monday it will announce details of planned crude oil sales from strategic reserves in due course.

Source: The Star September 13, 2021 07:07 UTC