Oil fluctuates amid Ida onslaught
Oil stumbled from its gains on Monday, falling from an over three-week high reached earlier in the session. The black liquid declined as a powerful hurricane devastated the US Gulf coast, forcing the shutdown and evacuations of hundreds of offshore oil platforms.
Brent edged up 0.4%, or 5 cents, at $72.75 a barrel by 0559 GMT. It soared over 11% in the previous week in anticipation of disturbances in oil production from Hurricane Ida.
US oil dropped 0.5%, or 31 cents, at $68.43 a barrel, after climbing more than 10% last week.
The benchmarks reached highs last seen in early August, $73.69 and $69.64, respectively, as Ida ravaged the coast near Port Fourchon, Louisiana, the center of the Gulf’s offshore energy industry.
Energy companies had stopped over 95% of crude output in the US Gulf of Mexico by Sunday as Ida made its way toward drilling rigs and other infrastructure, according to the Bureau of Safety and Environmental Enforcement.
Ida slammed into the coast near Port Fourchon at 1655 GMT on Sunday as an extremely dangerous Category 4 hurricane.