Oil at One-Week High as US Supply Concerns Dominate

A maze of crude oil pipes and valves is pictured during a tour by the Department of Energy at the Strategic Petroleum Reserve in Freeport, Texas on June 9, 2016. Richard Carson/Reuters

LONDON—Oil rose more than 1 percent on Monday, supported by concerns over shut output in the United States because of damage from Hurricane Ida, with analysts expecting prices to remain rangebound in a stable market over the coming months.

Brent crude rose 90 cents, or 1.2 percent, to $73.82 a barrel by 1049 GMT and U.S. West Texas Intermediate (WTI) crude was up 99 cents, or 1.4 percent, at $70.71.