Oil Prices Extend Losses as U.S. Producers Restore Output Post-Hurricane | Investing News

SINGAPORE (Reuters) – Oil prices dropped for a second straight session on Monday as U.S. producers began restoring output after Hurricane Delta weakened, while a strike that had affected production in Norway came to an end.

Brent crude

for December fell 55 cents, or 1.3%, to $42.30 a barrel by 0023 GMT and U.S. West Texas Intermediate

for November was at $40.08 a barrel, down 52 cents, or 1.3%.

Front-month prices for both contracts gained more than 9% last week, the biggest weekly rise for Brent since June, but fell on Friday after Norwegian oil firms struck a wage bargain with labour union officials, resolving a strike that threatened to cut the country’s oil and gas output by close to 25%.

“We had good support for both Brent and West Texas on the back of some supply concerns,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.

“Given

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Wildfires Put Nearly 2 Million Homes At Extreme Risk Of Property Losses

Nearly 2 million homes with a reconstruction cost value of more than $638 billion are at an elevated risk of wildfire damage this year, according to a new report by data analytics provider CoreLogic.

This wildfire season is well on its way to setting a record for one of the most destructive years for wildfires in recent memory, and the pandemic is creating additional complications, according to the report, which provides insights into single-family and multifamily residential properties at risk of damage from wildfires in the United States.

The devastating wildfires raging across the Western United States have left homeowners facing the challenge of starting from scratch. With disruptions to the supply chain for raw materials, manufacturing and transportation, the resulting hit to reconstruction efforts could be further challenged.

There is no state

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