Oil settles down 1% as U.S. refineries shut; Washington pushes OPEC to pump more | Reuters
Oil settled down 1% on Tuesday, posting its first monthly loss since March, as demand is expected to drop after Hurricane Ida shuttered U.S. Gulf refineries.
Brent crude futures for October, due to expire on Tuesday, settled down 42 cents, or 0.6%, at $72.99 a barrel.
U.S. West Texas Intermediate (WTI) crude futures settled down 71 cents, or 1%, at $68.50.
Both benchmarks posted their first monthly losses since March, even though they are not far from July highs. Brent lost 4% in July while U.S. crude fell 7%.
Hurricane Ida, which made landfall in the United States on Sunday as a Category 4 hurricane, knocked out at least 94% of offshore Gulf of Mexico oil and gas production and caused "catastrophic" damage to Louisiana's grid. read more
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