While Saudi did decrease price by $1...there is very little improvement in US GoM oil output; the outage stays no at ~1.53m b/d (only 81,000 b/d improvement from Sunday). The cumulative outage since Aug 27 stands now at 17.8m barrels. Hurricane Ida is turning into a huge production disruption
That is like 45 days of the OPEC + increase of 400k/d wiped out.....and rising.