Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market, APA reports citing Reuters.
Brent added 23 cents, or 0.32% to $72.83 a barrel at 0221 GMT and West Texas Intermediate (WTI) crude rose 15 cents, or 0.22%, to $69.45 a barrel.
"U.S. production is struggling to recover from Hurricane Ida," ANZ said in a note. "Extensive damage to infrastructure and power outages mean Ida has knocked off more supply after nine days than any other storm."