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Crude Oil Higher; API Supply Data Due

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By Peter Nurse

Investing.com -- Oil prices rose Tuesday, reversing some of the previous session’s sharp losses ahead of the release of the latest U.S. crude oil supply data.

By 9:25 AM ET (1325 GMT), U.S. crude futures were up 0.6% at $70.53 a barrel, while Brent futures were up 0.9% at $74.57 a barrel, after both contracts fell around 2% on Monday.

U.S. Gasoline RBOB Futures were up 0.2% at $2.1190 a gallon.

Crude markets have received a boost in line with other risk assets Tuesday, but concerns are also growing about U.S. production levels remaining compromised in the Gulf of Mexico through the end of the year in the wake of Hurricane Ida.

Royal Dutch Shell (LON:RDSa), the largest producer in the Gulf, said its West Delta 143 platform, which acts as a transfer point for oil produced by two other production platforms, will resume operations only in the first quarter of 2022.

About 18% of the U.S. Gulf's oil and 27% of its natural gas production remained offline on Monday, more than three weeks after Hurricane Ida, according to the regulator Bureau of Safety and Environmental Enforcement.

This places the crude oil supply data from the American Petroleum Institute, due later in the session, firmly in focus, after the industry body registered a draw of over 5 million barrels of oil last week.

That said, this hiccup in global supply isn’t likely to last much longer as Russia expects oil output next year to be back near its post-Soviet high.

Russian companies are seen raising combined production of crude and a light oil called condensate by 8% to 559.9 million tons in 2022, and stay close to that level from 2023 to 2024, according to a draft budget submitted by the Finance Ministry to the government, Bloomberg reported.

In corporate news, Royal Dutch Shell has confirmed that it will sell its Permian Basin assets to ConocoPhillips (NYSE:COP) for $9.5 billion in cash, as American and European producers diverge in the energy focus going forward.

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