Oil futures in New York closed near $70 a barrel for the first time in nearly a month, with investors wagering that the market can absorb additional supply from OPEC+ as the U.S. Gulf grapples with Hurricane Ida’s impact. Nearly 94% of Gulf of Mexico crude production remains shut days after the storm left the area. Prices were also supported by a weaker dollar the day after ministers from OPEC and its allies quickly ratified an output increase in October that was in line with investor expectations. Meanwhile, U.S. Secretary of Energy Jennifer Granholm authorized use of the Strategic Petroleum Reserve to conduct an exchange with an Exxon Mobil Corp. refinery in Louisiana. After the OPEC+ meeting ended without surprises, oil prices are rising as the crude stockpiles draw has raised confidence in the market, Rystad Energy’s head of oil markets Bjornar Tonhaugen wrote in a note. A weak […]