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Oil scales six-week high as Storm Nicholas hits US Gulf

Oil prices hit a six-week high on Tuesday as Hurricane Nicholas weakened into a tropical storm, bringing the threat of widespread floods and power outages to Texas and Louisiana, and as the International Energy Agency forecast a big demand rebound for the rest of the year. About 794,000 barrels per day (bpd), or more than 40% of the US Gulf’s oil and gas output, remained offline on Monday, two weeks after Ida slammed into the Louisiana coast, according to offshore regulator Bureau of Safety and Environmental Enforcement (BSEE).

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