METC - Oil ends August with this year's largest monthly loss

U.S. crude oil closed August with its first monthly loss since March and its biggest drop since last October, as investors end the month considering the prospect of more OPEC+ production and the restoration of output after Hurricane Ida. October WTI crude (CL1:COM) settled -1% at $68.50/bbl, capping a 7.4% drubbing this month for the front-month contract. This month's oil price drop is a "correction, since the market had gotten ahead of itself," according to Velandera Energy Partners' chief financial officer Manish Raj. Today, crude prices weakened after rising slightly yesterday, as Mizuho analyst director Robert Yawger cites optimism that operations will rebound from Hurricane Ida sooner than later, with oil production coming back in a week and refineries returning in two weeks. Ida knocked out at least 94% of offshore Gulf of Mexico oil and gas production, and analysts at FGE expect roughly three-quarters of that will resume by

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Oil ends August with this year's largest monthly loss