|
Brent crude rose 59 cents, or 0.8%, to $73.19 a
barrel by 1110 GMT and West Texas Intermediate (WTI) crude was
up 54 cents, or 0.8%, at $69.84.
About 77% of U.S. Gulf oil production had yet to resume on
Tuesday, equating to about 1.4 million barrels per day (bpd).
The market has lost about 17.5 million barrels of oil so far.
The Gulf's offshore wells account for about 17% of U.S. output.
American Petroleum Institute (API) data showed that crude
drawdown for the week ended Sept. 3 was smaller than expected in
a Reuters poll, but gasoline and distillate drawdowns were
bigger than expected.
U.S. crude oil production is expected to fall by 200,000 bpd in
2021 to 11.08 million bpd, the U.S. Energy Information
Administration (EIA) said on Wednesday, noting that Hurricane
Ida should force a bigger decline than its previous forecast for
a drop of 160,000 bpd.
"Crude Oil remains rangebound, with support being provided by a
very slow return of U.S. production halted by Hurricane Ida and
API data pointing to another price-supportive weekly drop in
U.S. oil and fuel stocks," Saxo Banks analysts said in a note.
However, prices were pressured by the U.S. Energy Information
Administration on Wednesday cutting its 2021 global oil demand
growth forecast with little change to its 2022 estimate.
Also weighing on sentiment, the U.S. Federal Reserve cut its
forecast for U.S. GDP growth this year owing to the resurgence
of COVID-19.
(Additional reporting by Naveen ThukralEditing by David Goodman)
[© 2021 Thomson Reuters. All rights
reserved.] Copyright 2021 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
