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Oil Advances With Ida’s Impact on U.S. Offshore Supply Lingering

  • Less than 25% of U.S. Gulf crude production is back online
  • WTI futures climb 1.4% after two straight days of declines
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Bloomberg Commodities Edge': Assessing Ida's Damage
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Oil advanced amid a slow resumption of U.S. production halted by Hurricane Ida more than a week ago. 

Futures in New York settled 1.4% higher on Wednesday. About 77% of U.S. Gulf of Mexico crude output remains shut-in nine days after Ida made landfall in southeast Louisiana, according to the Bureau of Safety and Environmental Enforcement. The value of regional grades such as Mars Blend reached the highest since January and a prolonged shutdown could spark an increase in shipments of Russian crude to American ports.