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Oil heads for biggest monthly loss this year before OPEC+ meet

The Organization of Petroleum Exporting Countries and its allies will meet on Wednesday to assess the market, which saw turbulence in August. The US benchmark is down more than six percent this month.

Photo: Ramzi Boudina/Reuters/Ritzau Scanpix

Oil headed for the biggest monthly loss since October as investors weighed the prospect of additional OPEC+ production and the restoration of crude output in the US after Hurricane Ida.

West Texas Intermediate was steady above USD 69 a barrel after rising 0.7 percent on Monday. While Gulf of Mexico crude producers are expected to gradually resume service after Ida crashed ashore in Louisiana, local refineries may be slower.

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