Oil climbed above $70 a barrel in New York after three weeks of gains as investors tracked the slow restoration of supplies in the Gulf of Mexico and the outlook for demand and inventories over the fourth quarter. West Texas Intermediate added 1%, while the global Brent benchmark neared the top of its recent trading range. More than two weeks since Hurricane Ida slammed into the U.S. Gulf of Mexico, almost half of crude output in the key producing region has yet to resume, according to the Bureau of Safety and Environmental Enforcement. Traders are also awaiting additional import quotas for China‚Äôs private refiners, which could spur renewed purchases in the physical market in the coming weeks. One company was granted permission to import a set volume of crude last week, and quotas for other refiners are expected imminently . Crude will likely lead a rally in commodities next […]