Oil settles up as US producers, refiners assess storm damage

NEW YORK (REUTERS) - Oil rose on Monday, lifted as US Gulf Coast platforms, refineries and pipelines grappled with uncertainty on restart timelines after Hurricane Ida wreaked havoc on the region. Gains were capped as OPEC+ looked set to go ahead with a planned oil output increase. Global benchmark Brent settled at US$73.41 a barrel, up 71 US cents or 0.98 per cent. Brent touched a session high of US$73.69, the highest since Aug 2. US crude futures rose 47 US cents, or 0.68 per cent to US$69.21 a barrel. Within 12 hours of coming ashore, Ida had weakened into a Category 1 hurricane, and has since dropped to tropical storm status. Hundreds of oil production platforms were evacuated ahead of the storm and nearly all offshore Gulf oil production, or 1.74 million barrels per day, was suspended. After heavy winds and rains, nearly 1.2 million homes and businesses in Louisiana and Mississippi were without power on Monday and the storm's move inland shifted the oil market's focus to when refiners can restart. Oil and gas pipeline operators checked for damage. Power utilities warned that customers in the hardest-hit areas could face extended outages. Exxon Mobil Corp said it was shutting t...