Oil Prices Bounce Back On Continued Supply Disruptions

Oil prices rebounded early on Wednesday, rising by more than 1 percent, as nearly 80 percent of the total crude oil production in the U.S. Gulf of Mexico remains shut-in more than a week after Hurricane Ida made landfall in Louisiana. As of 8:07 a.m. EDT, the prompt price of the U.S. benchmark, WTI Crude, traded above $69 per barrel, at $69.24, up 1.43% on the day. The price of Brent Crude was $72.48, up by 1.21%. Oil was also supported by reports in recent hours that protests at various key Libyan oil terminals have disrupted loadings on tankers…