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.