WTI crude futures pared early gains to trade lower around $68.3 a barrel on Monday after jumping 10.6% last week, which was the biggest weekly gain since June of 2020 as investors weighted supply disruptions due to Hurricane Ida against the likelihood that OPEC and its allies will go ahead with an increase in output. Energy companies in the Gulf of Mexico started shutting production due to Hurricane Ida suspending 1.74 million barrels per day of oil production, according to the Bureau of Safety and Environmental Enforcement. Meantime, the OPEC+ will meet on Wednesday. Kuwait’s oil minister said Sunday that the increase in oil output agreed last month by the cartel could be reconsidered at the meeting.
