Oil futures settled higher Thursday, with U.S. prices marking their highest in about a month. With the meeting of the Organization of the Petroleum Exporting Countries and their allies “now ticked off the list, traders are waiting for the next impetus to change expectations for the short-term recovery path of demand and supply,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. The U.S. oil industry is “rushing to restore operations following Hurricane Ida,” he said. Meanwhile, “the next price signal could come from the demand side, as the world continues to grapple with the COVID variants.” West Texas Intermediate crude for October delivery rose $1.40, or 2%, to settle at $69.99 a barrel on the New York Mercantile Exchange. That was the highest front-month contract finish since Aug. 3, FactSet data show.
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