Oil up, off session highs after Ida; OPEC+ looks to boost output | Reuters

Oil up, off session highs after Ida; OPEC+ looks to boost output | Reuters

Oil edged higher on Monday, but remained below session highs as Hurricane Ida weakened after forcing shutdowns of U.S. 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. Nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended in advance of the storm. read more

The storm's move inland shifted the focus to when oil refiners can restart and produce fuels after heavy winds and rains.

"We're in wait-and see mode on how badly the refiners will be impacted by the power outages," said John Kilduff, a partner at Again Capital Management in New York. "There's going to be an accounting to be done later this week as damage is assessed - I would give it some time to breathe, like a fine wine," he said.

Brent crude rose 49 cents a barrel, or 6.7% to 73.19 by 12:24 ET (1624 GMT), having reached $73.69 earlier, the highest since Aug. 2. U.S. crude rose 37 cents, or 0.51% to $69.11 a barrel, having earlier touched $69.64, the highest since Aug. 6.