Oil price rises to six-week high as US supply concerns dominate

Brent futures rose 59 cents, or 0.8%, to settle at US$73.51 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 73 cents, or 1.1%, to settle at $70.45. That was Brent's highest close since July 30 and WTI's highest close since Aug. 3.

NEW YORK: Oil prices rose to a six-week high on Monday as U.S. output remains slow to return two weeks after Hurricane Ida slammed into the Gulf Coast and worries another storm could affect output in Texas this week.

Those price gains came even though the Organization of the Petroleum Exporting Countries (OPEC) trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant.