U.S. Supply Concerns Are Pushing Oil Prices Higher

Oil is moving higher on concerns Hurricane Ida damage to those regions affected has yet to be resolved. Although it has been more than two weeks since Hurricane Ida slammed into America’s key producing region, almost half of crude output in the U.S. Gulf of Mexico has yet to be restarted, which has exacerbated the oil crunch along with the wall street expectations for higher demand in the fourth quarter.

Oil climbed toward $70 a barrel after investors tracked the slow restoration of crude oil supplies in the Gulf of Mexico and the outlook for heavy demand over the fourth quarter.