Markets: Oil and US gas prices rise on Ida concerns

Crude oil and US natural gas prices rose amid concerns that hurricane Ida could cause supply disruptions as the storm moved through the Gulf of Mexico.

Nymex December West Texas Intermediate rose $1.27 to $78.70 a barrel, while ICE December Brent added $1.20 at $77.07 a barrel.

Oil offloading has been halted at the Louisiana offshore oil port and some oil companies have already evacuated offshore workers from platforms.

Nymex December Henry Hub rose 3 cents, or 0.6 per cent, to $4.625 per million British thermal units, a relatively muted reaction as US natural gas inventories stand close to record levels in preparation for winter.

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