Oil futures lifted as crude output slow to recover from Ida
Oil futures rose Wednesday, finding support on a sluggish return to crude output in the Gulf of Mexico in the wake of Hurricane Ida.
The Bureau of Safety and Environmental Enforcement estimated that more than 79% of Gulf of Mexico oil production and nearly 78% of natural-gas output remains shut-in following Hurricane Ida, a deadly and powerful storm that made landfall on the Louisiana Gulf Coast on Aug. 29. “These temporary closures amount to 1 million barrels a day of capacity, down from a peak of more than 2 million barrels a day. However, those refiners that have restarted are unlikely to be operating at full capacity at the moment,” he said.
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