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Crude oil futures end higher as Hurricane Ida weakens to tropical storm status

31 Aug 2021 Evaluate

Crude oil futures ended higher on Monday, but remained below session highs as Hurricane Ida weakened to tropical storm status after forcing shutdowns of US Gulf oil production, and OPEC+ looked set to go ahead with a planned oil output increase. Within 12 hours of coming ashore, the storm had weakened into a Category 1 hurricane, and has since dropped to tropical storm status. Hundreds of oil production platforms were evacuated ahead of the storm and nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended.

Crude oil futures for October rose 34 cents or about 0.54 percent to settle $69.08 barrel on the New York Mercantile Exchange. October Brent crude gained 54 cents or about 0.74% percent to settle at $73.23 a barrel on London's Intercontinental Exchange.