Oil Prices Jump to Their Highest Level in 6 Weeks

Oil prices hit a six-week high on Tuesday on fears that another storm could affect production in Texas this week, even as the US crude industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast.

Oil prices rose for the third consecutive session, while Brent crude reached its highest level since August 2, earlier in the session.

By 0444 GMT, Brent crude rose 40 cents, or 0.5 percent, to $ 73.91 a barrel, after rising to the high level of $ 74.08 earlier.

US West Texas Intermediate crude also rose 45 cents, or 0.6 percent, to $70.90 a barrel, after rising to $71.05 a barrel, its highest since August 3.

Brent gained 0.8 percent, while WTI gained 1.1 percent on Monday.