Business Standard

Brent crude hits $75 for first time since early August


Brent crude futures hit $75 for the first time since Aug. 2 as the market continues to grapple with curbed supply in the US. The global benchmark added as much as 1.9 per cent to $75.02 a barrel at 9:05 a.m. in New York. Prices have steadily climbed since late August and were given a further boost when Hurricane Ida shut down a chunk of U.S. Gulf Coast oil production. About 40 per cent still offline. With inventorie­s falling in the US, the Internatio­nal Energy Agency said this week that the world will have to wait until October for more supply to come online.

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