Oil gains for 2nd session as lower U.S. output supports | Reuters

Oil gains for 2nd session as lower U.S. output supports | Reuters

Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market.

Brent added 26 cents, or 0.36% to $72.86 a barrel at 0616 GMT and West Texas Intermediate (WTI) crude rose 12 cents, or 0.17%, to $69.42 a barrel.

"U.S. production is struggling to recover from Hurricane Ida," ANZ said in a note. "Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm."

About 77% of U.S. Gulf production remained offline on Tuesday, or about 1.4 million barrels per day (bpd). The market has lost about 17.5 million barrels of oil so far. read more