Crude oil prices snapped the three-day losing streak on Tuesday due to supply concerns as hurricane Ida caused damage to the US offshore facilities. At 1200 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, gained $0.68 (+0.92 percent) to reach $74.60 a barrel. Similarly, the US West Texas Intermediate (WTI) reached $71 a barrel, up by $0.71 (+1.01 percent). The price for Opec Basket was recorded at $74.14 a barrel with 0.04 percent decrease, Arab Light was available at $73.72 a barrel with a 0.77 percent decrease, while the price of Russian Sokol slipped to $73.94 after shedding 1.71 percent. Meanwhile, Suhail Al Mazrouei, UAE minister of energy, has said that Opec+ will stick to its plan to incrementally bring 2 million barrels per day back to the markets by the end of the year. “I think that if things move as they are, of course that’s a group decision, not a single country’s decision, but I don’t see any reason why we shouldn’t continue with the plan,” Mazrouei told reporters at an event in Dubai. “The plan is working, we are doing our part. And the more we see on the easing of the pandemic measures, the more demand we will have, and if there’s demand we will definitely be up to increase the production as the market requires,” he added. Opec+, led by Saudi Arabia and Russia, is set to decide whether to bring an additional 400,000 bpd of supply in October. Opec expects oil demand for 2022 to exceed pre-pandemic levels, reaching 100.8 million bpd as the crude exporting group predicts a strong economic recovery on the back of widespread inoculation efforts, it said in its latest oil market report. Opec also revised estimated demand growth for 2022 upwards, by 900,000 bpd to 4.2 million bpd, amid expectations of higher levels of economic activity and fewer movement restrictions.