Oil prices climbed on Monday, as traders continued to worry about U.S. supplies in the wake of Hurricane Ida, Trend reports citing Xinhua.
The West Texas Intermediate for October delivery added 73 cents to settle at 70.45 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery increased 59 cents to close at 73.51 dollars a barrel on the London ICE Futures Exchange.
The rise "is probably due to the still very slow normalisation of U.S. oil production in the Gulf of Mexico," Carsten Fritsch, energy analyst at Commerzbank Research, said Monday in a note.