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Oil Ends August With Largest Monthly Loss This Year Before OPEC+

  • Producers expected to restore more output at midweek gathering
  • Investors tally damage to rigs, refineries from Hurricane Ida
Oil Slips Following Two-Day Gain With Demand Outlook In Focus
Photographer: Kyle Grillot/Bloomberg
Updated on

Oil in New York posted the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida.

West Texas Intermediate ended 1.1% lower on Tuesday and declined 7.5% this month. Gulf of Mexico crude producers are expected to resume service gradually after Ida crashed ashore in Louisiana over the weekend. Refineries are expected to return to operations more slowly, with some seeking to buy gasoline while they await the return of their plants that were shut for the storm.