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[size=30]Oil falls on fears of hurricane Erma impact on oil shipments[/size]
07/09/2017 10:41 | Number of readings:
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[rtl]Trend Press / Agencies[/rtl]
[rtl]Oil fell on Thursday on fears of disruption of oil shipments to and from America due to hurricane Erma in the Caribbean as well as the start of Libyan recovery after a period of unrest.[/rtl]
[rtl]But prices have received support from rising demand in the US as refineries in the Gulf Coast resumed work after Hurricane Harvey struck the region less than two weeks ago.[/rtl]
[rtl]WTI fell 14 cents to $ 49.02 a barrel by 0660 GMT, but is still near a three-week high of the previous session.[/rtl]
[rtl]London Brent crude <CLc1> fell 26 cents to $ 53.94 a barrel, although it is still close to the May highs and reached the previous session.[/rtl]
[rtl]Oil facilities in the Gulf Coast region are gradually recovering from the devastating effects of Hurricane Harvey, which hit Louisiana and Texas nearly two weeks ago, and shut down important infrastructure in the heart of the US oil and gas sector.[/rtl]
[rtl]As of Wednesday, about 3.8 million barrels of refineries' daily production capacity or about 20 percent was idle, although a range of refineries as well as oil trading ports began to resume operations.[/rtl]
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