U.S. crude oil traded above $70 per barrel on Tuesday, as production in the Gulf of Mexico is still in recovery mode after Hurricane Francine.
More than 200,000 barrels per day remained offline in the Gulf as of Monday, according to Bureau of Safety and Environmental Enforcement.
Production from undamaged facilities will be brought back online immediately after checks have been completed, according to the agency.
The central bank is widely expected to lower rates, though Wall Street is divided on the magnitude of the cut.
U.S. crude oil is down more than 13% this quarter while Brent has fallen nearly 16% as demand slows in China, the world's largest crude importer, and OPEC+ plans to increase production in December.
Persons:
Francine, Brent
Organizations:
of Safety, Environmental Enforcement, Federal Reserve
Locations:
Gulf, Mexico, China, OPEC