Oil Finishes Higher Ahead of OPEC Meeting

Oil prices closed higher on Monday, with markets anticipating the results of the upcoming OPEC+ meeting, which will likely result in maintaining the current gradual approach in easing output curbs.

Crude prices increased after Hurricane Ida led to the shut down of most refineries in the Gulf Coast.

Brent crude for October delivery rose by 71 cents or 0.98% to finish at $73.41 per barrel.

Meanwhile, the West Texas Intermediate futures gained 47 cents or 0.68% to settle at $69.21 per barrel.

This is the second consecutive daily rise for the global and U.S. benchmarks, and the biggest since August 25, bringing both contracts to their highest closing level since July 30 and August 11 respectively.