Oil prices rose to a one-week high on Monday, extending Friday’s gains, amid signs of supply tightness in the US due to Hurricane Ida. Anout three-quarters of the US Gulf’s offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. At the same time, hopes for higher demand grew following President Joe Biden’s plan to boost COVID-19 vaccination rates in the US. Meanwhile, traders continue to assess the impact of China’s decision to release for the first time ever its giant oil reserves after factory-gate inflation in the country accelerated to a 13-year high in August. Market attention will focus this week on potential revisions to the oil demand outlook for 2022 from the OPEC and the EIA. At around 03:30 AM GMT, WTI crude gained 0.65% to $70.17 a barrel while Brent oil increased by 0.62% to $73.39 a barrel.
