Oil climbs on slow return of U.S. supply after Hurricane Ida | Reuters

Oil climbs on slow return of U.S. supply after Hurricane Ida | Reuters

Oil prices climbed on Wednesday, recouping some overnight losses from a stronger dollar and demand concerns, with a slow production restart in the U.S. Gulf of Mexico and resumption of refining activities providing support.

U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.6%, to $68.78 a barrel at 0643 GMT, after sliding 1.4% on Tuesday following the Labor Day holiday.

Brent crude futures gained 34 cents, or 0.5%, at $72.03 a barrel after falling 0.7% on Tuesday.

"The market is ... weighing up the impact of ongoing delays to the resumption of operations in the Gulf of Mexico," ANZ Research analysts said in a note.

Producers in the Gulf are still struggling to restart operations nine days after Hurricane Ida swept through the region with powerful winds and drenching rain.