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Brent Oil Hits $75 for First Time Since Early August

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(Bloomberg) -- Brent crude futures hit $75 for the first time since Aug. 2 as the market continues to grapple with curbed supply in the U.S.

The global benchmark added as much as 1.9% to $75.02 a barrel at 9:05 a.m. in New York.

Prices have steadily climbed since late August and were given a further boost when Hurricane Ida shut down a chunk of U.S. Gulf Coast oil production. About 40% still offline. With inventories falling in the U.S., the International Energy Agency said this week that the world will have to wait until October for more supply to come online as the Organization of Petroleum Exporting Countries and its allies hike production.

That has raised the specter of intervention from major consumers. China said on Tuesday that it plans to sell oil from its strategic reserves next week, though the amount was relatively small in comparison to the nation’s consumption.

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