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Hurricane Ida Still Whipping Up Prices

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Oil prices have been on a tear so far this week as the oil complex continues to contend with Ida’s aftermath and the specter of more storm-related outages. On Thursday, the US Bureau of Safety and Environmental Enforcement said that about 28% of US Gulf of Mexico production, or 514,000 barrels per day, was still shut in, more than two weeks since Ida made landfall on the Louisiana coast. International benchmark Brent ended the week $4.22 per barrel higher at $75.67/bbl, while US domestic price-pin West Texas Intermediate put on $4.47/bbl to close at $72.61/bbl.

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