Sharjah24 – Reuters: Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast.
Oil prices rallied for a third straight day, with Brent crude hitting the highest since Aug. 2 earlier in the session.
Brent crude was up 40 cents, or 0.5%, at $73.91 a barrel at 0444 GTM, having risen as high as $74.08 earlier.
U.S. West Texas Intermediate (WTI) crude also climbed 45 cents, or 0.6%, to $70.90 a barrel, having risen as far as $71.05 earlier -- its highest since Aug. 3.
Brent gained 0.8% while WTI rose 1.1% on Monday.
Evacuations were underway on Monday from offshore U.S. Gulf of Mexico oil platforms as onshore oil refiners began preparing for Tropical Storm Nicholas, which was heading towards the Texas coast with 70 miles per hour(113 kph) winds, threatening coastal Texas and Louisiana still recovering from Hurricane Ida.
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