Oil Prices Advance Amid Continued Supply Concerns

(RTTNews) - Reflecting lingering concerns about U.S. supply, the price of crude oil showed a notable move to the upside during trading on Monday.

After jumping $1.58 or 2.3 percent to $69.72 a barrel last Friday, crude for October delivery climbed $0.73 or 1 percent to $70.45 a barrel.

With the continued increase on the day, crude for October delivery ended the session at its highest closing level in well over a month.

The price of crude oil continued to benefit from concerns about U.S. supply due to the production disruptions caused by Hurricane Ida.

Tropical storm Nicholas, which is expected to strengthen into a hurricane in the coming days, could further disrupt oil production in the Gulf of Mexico region.

The increase in the price of crude oil also came as OPEC lowered its forecast for oil demand in the fourth quarter of 2021 but raised the outlook for oil demand in 2022.