9/10, 9:58 AM (Source: TeleTrader)
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Oil up 1% amid supply concerns

Crude futures traded over 1% higher on Friday as supply disruptions following Hurricane Ida continued to affect prices.

According to the United States Bureau of Safety and Environmental Enforcement (BSEE), 71% of production platforms in the Gulf of Mexico or 1.4 million barrels per day (bpd) of oil still remain shut-in following the storm. Meanwhile, investors will are awaiting the release of Baker Hughes' oil rig count report due later in the day.

International benchmark Brent for November delivery climbed 1.32% to sell for $72.39 per barrel at 3:46 am ET and West Texas Intermediate (WTI) for settlements in October jumped 1.22% to go for $68.97 per barrel at the same time.

Breaking the News / NP