News Snapshot:
NEW YORK- Oil rose to briefly top $73 a barrel, 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. That is roughly equal to what OPEC member Nigeria produces. “The market is back to focusing on the tighter supply situation globally, and that is giving it a boost,” said Phil Flynn, senior analyst at Price Futures group in Chicago....
