Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the U.S. after Hurricane Ida. West Texas Intermediate fell 0.8% in New York and is down about 7% this month. While Gulf of Mexico crude producers are expected to gradually resume service after Ida crashed ashore in Louisiana, local refineries may be slower to return. Economic data from China , meanwhile, showed the impact from the delta variant outbreak in August. The Organization of Petroleum Exporting Countries and its allies will meet on Wednesday to assess the global market and prospects for demand as the pandemic grinds on. With expectations that the delta variant’s hit to consumption will fade, the alliance is on course to restore another 400,000 barrels a day. OPEC+ has already restarted roughly 45% of the unprecedented volume shuttered when the […]