News Snapshot:
Oil rose towards $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as US-China trade hopes gave riskier assets a boost. About three-quarters of the US Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August, said Reuters. Figures this week showed US crude inventories fell to the lowest since September 2019. "With the restart in offshore crude production lagging, the odds are that the Ida effect will still be felt in the coming weeks," said Stephen Brennock of...
