Oil Edges Up as U.S. Gulf Producers Assess Damage After Ida
- Storm spurs refiners, pipeline networks to suspend operations
- OPEC+ expected to endorse oil supply increase at midweek meet
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Oil closed modestly higher Monday in New York as offshore explorers assess damage from Hurricane Ida and investors shift focus to an OPEC+ meeting that could see more supply added to the market.
U.S. oil futures settled above $69 a barrel for the first time in over two weeks after falling as much as 1.6% earlier. Gulf of Mexico producers had shut in about 1.7 million barrels a day of crude output ahead of the storm but most of these assets are expected to resume service steadily. In contrast, refineries in Louisiana may be slower to bring back operations.