Crude oil futures gave back early gains and ended almost flat on Tuesday on signs another storm could affect output in Texas this week even as the US industry struggles to return production after Hurricane Ida wreaked havoc on the Gulf Coast. More than 39% of the US Gulf of Mexico's production of crude and natural gas remained shut on Tuesday, the regulator Bureau of Safety and Environmental Enforcement (BSEE) said. Nicholas made landfall in Texas on Monday and was to reach Louisiana on Wednesday, bringing more floods and heavy rains to the Gulf's oil facilities.
Crude oil futures gained 1 cent to settle at $70.46 barrel on the New York Mercantile Exchange. November Brent crude surged 9 cents or 0.14 percent to settle at $73.60 a barrel on London's Intercontinental Exchange.