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Early Gains For WTI Eroded As Ida Moves Inland


Oil is mixed in Asia-Pac trade on Monday; WTI lower by around $0.10/bbl from settlement while Brent is up $0.26 from settlement levels. WTI was earlier in positive territory as markets braced for the impact of Hurricane Ida in the Gulf of Mexico, more than 95% of crude oil production in the region has been taken offline. However, the gains were eroded as the session wore on with reports that Hurricane Ida is moving inland.

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