KONTAN.CO.ID - LONDON. Oil prices dropped from a four-week high on Monday as Hurricane Ida weakened after forcing precautionary shutdowns of U.S. Gulf oil production, and attention turned to an OPEC meeting on Wednesday to discuss a further output boost. Within 12 hours of coming ashore, the storm had weakened into a Category 1 hurricane. Nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended in advance of the storm. Brent crude was down 21 cents or 0.3% at $72.49 by 1020 GMT, having reached $73.69 earlier, the highest since Aug. 2. U.S. crude fell 50 cents or 0.7% to $68.24, having earlier touched $69.64, the highest since Aug. 6.
Oil drops as Hurricane Ida weakens, OPEC in focus
KONTAN.CO.ID - LONDON. Oil prices dropped from a four-week high on Monday as Hurricane Ida weakened after forcing precautionary shutdowns of U.S. Gulf oil production, and attention turned to an OPEC meeting on Wednesday to discuss a further output boost. Within 12 hours of coming ashore, the storm had weakened into a Category 1 hurricane. Nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended in advance of the storm. Brent crude was down 21 cents or 0.3% at $72.49 by 1020 GMT, having reached $73.69 earlier, the highest since Aug. 2. U.S. crude fell 50 cents or 0.7% to $68.24, having earlier touched $69.64, the highest since Aug. 6.