WASHINGTON (dpa-AFX) - Oil prices climbed higher on Monday on bargain hunting after recent losses, and amid possibility of supply disruptions due to the possibility of tropical storm Francine strengthening to hurricane status and moving towards oil facilities around Texas and Louisiana.
Oil prices were also supported by the decision of OPEC+ to delay a production boost originally scheduled to begin in October.
West Texas Intermediate Crude oil futures for October ended up by $1.04 or about 1.54% at $68.71 a barrel.
Brent crude futures climbed to $71.84 a barrel, gaining $0.78 or about 1.1%.
Both WTI and Brent crude futures had shed more than 10% last week amid concerns over slowing U.S. and Chinese demand and the possibility of increased oil supply from Libya.
The National Hurricane Center said today that it expects Francine to strengthen to hurricane status by midweek as it tracks towards landfall over eastern Texas and Louisiana.
'A slow northwestward to northward motion is expected over the next day or so, followed by a faster motion to the northeast beginning late Tuesday. On the forecast track, the disturbance is expected to move just offshore of
the northern Gulf Coast of Mexico through Tuesday, and approach the Louisiana and Upper Texas coastline on Wednesday,' the center noted.
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