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Crude oil prices drop and gasoline rises as US refineries fall due to floods
economy Since 2017-08-30 at 13:58 (Baghdad time)
Follow up - Mawazine News
Crude oil prices fell on Wednesday as gasoline prices rose to their highest level since mid-2015 as Hurricane Harvey caused nearly one-quarter of US refineries to be shut down, stalling demand for crude and rising fuel shortages.
WTI crude futures fell 9 cents to $ 46.35 a barrel.
Brent crude futures fell six cents to $ 51.94 a barrel.
In the refined products market, price action was more severe.
US gasoline prices rose more than 3 percent to $ 1.8380 a gallon. Prices jumped earlier to a record high of $ 1.842 since July 31, 2015. Diesel futures also jumped 1.2 percent to $ 1,6854 and earlier hit the highest level since Jan. 9 at $ 1.697.
In addition to hurricane impact, the US Petroleum Institute said on Tuesday crude stocks fell by 5.780 million barrels last week, an indication that the US oil market is gradually improving.
However, these numbers do not reflect Harvey's influence. The Energy Information Administration publishes the official data for the last week on Wednesday.
Traders said data from the Energy Information Administration would take weeks to fully reflect the impact of the hurricane and floods
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economy Since 2017-08-30 at 13:58 (Baghdad time)
Follow up - Mawazine News
Crude oil prices fell on Wednesday as gasoline prices rose to their highest level since mid-2015 as Hurricane Harvey caused nearly one-quarter of US refineries to be shut down, stalling demand for crude and rising fuel shortages.
WTI crude futures fell 9 cents to $ 46.35 a barrel.
Brent crude futures fell six cents to $ 51.94 a barrel.
In the refined products market, price action was more severe.
US gasoline prices rose more than 3 percent to $ 1.8380 a gallon. Prices jumped earlier to a record high of $ 1.842 since July 31, 2015. Diesel futures also jumped 1.2 percent to $ 1,6854 and earlier hit the highest level since Jan. 9 at $ 1.697.
In addition to hurricane impact, the US Petroleum Institute said on Tuesday crude stocks fell by 5.780 million barrels last week, an indication that the US oil market is gradually improving.
However, these numbers do not reflect Harvey's influence. The Energy Information Administration publishes the official data for the last week on Wednesday.
Traders said data from the Energy Information Administration would take weeks to fully reflect the impact of the hurricane and floods
https://translate.google.com/translate?sl=auto&tl=en&js=y&prev=_t&hl=en&ie=UTF-8&u=http%3A%2F%2Fwww.mawazin.net%2F%D8%A7%D9%84%D8%AC%D8%A8%D9%88%D8%B1%D9%8A-%D9%8A%D8%AA%D9%88%D8%AC%D9%87-%D8%A7%D9%84%D9%89-%D8%A7%D9%8A%D8%B1%D8%A7%D9%86-%D8%A8%D9%86%D8%A7-%D8%B9%D9%84%D9%89-%D8%AF%D8%B9%D9%88%D8%A9-%D8%B1%D8%B3%D9%85%D9%8A%D8%A9%2F%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9&edit-text=
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