The morning sun rises behind oil rigs sitting in storage Saturday, Feb. 6, 2021 at a yard outside of Odessa, Texas. (Eli Hartman/Odessa American via AP)
TOKYO: Oil prices pared early gains on Monday, falling back from more than three-week highs reached earlier in the session, as a powerful hurricane slammed into the U.S. Gulf coast, forcing shutdowns and evacuations of hundreds of offshore oil platforms.
Brent was up 5 cents or 0.4% at $72.75 a barrel by 0559 GMT. It rose more than 11% last week in anticipation of disruptions to oil production from Ida.
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