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oil economy is receding by Harvey's invasion of US refineries
Oil prices fell on Friday following Hurricane Harvey, which killed more than 40 people and was hit by record floods that hit the center of the Texas oil industry, cutting off about a quarter of US refining capacity.
Hurricane Harvey, whose rating has been reduced to a tropical storm and loses strength as it moves inland, has stopped at least 4.4 million bpd of refining capacity.
That sparked fuel shortages ahead of the Labor Day holiday next week and cut refinery demand for crude.
By 1350 GMT, global benchmark Brent crude for November delivery fell 40 cents to $ 52.46 a barrel. The October contract, which ended Thursday, closed up $ 1.52 at $ 52.38 a barrel.
US crude fell 40 cents to $ 46.83 a barrel. The contract rose 2.8 percent on Thursday but is heading towards a weekly loss of nearly 2 percent.
US gasoline futures hit a two-year high above $ 2 a gallon on Thursday, but fell on Friday.
Petrol for September delivery closed 25.52 cents, or 13.5 percent, at $ 2.1399 on the last trading day of the contract. The October contract opened lower Friday to $ 1.7744 a gallon.
The US government pulled out of the Strategic Petroleum Reserve for the first time in five years on Thursday, releasing one million barrels of crude for a refinery in Louisiana.
An adviser to US President Donald Trump in a White House press briefing said more oil could be released from the reserves.
The oil market outside the United States remains oversupplied amid abundant production from the Organization of the Petroleum Exporting Countries (OPEC).
A Reuters survey showed that OPEC's production of oil in August fell 170 thousand barrels per day from its highest level in 2017.
Tony Harvey, director of oil market risk at Mitsubishi Corp., said Harvey would probably increase the global supply glut in the long run.
"Production will return faster than refining, so all it will do is aggravate the oil supply situation."
http://www.shafaaq.com/ar/Ar_NewsReader/390dadf3-d413-4a43-a01f-7262c0293da8
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