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Oil markets fluctuate following Hurricane Harvey
The volatility of the oil markets on Monday was boosted by a US halt to Hurricane Harvey but was under pressure from an expected drop in demand for crude oil as the hurricane damaged refineries along the Gulf Coast.
Harvey, who arrived along the coast of Texas on the Gulf and Louisiana last week, halted about a quarter of the entire refining capacity in the United States, leading to higher prices and a supply gap for gasoline such as gasoline, which traders around the world were rushing to close.
Harvey also affected some of the US oil production but at the same time reduced demand for crude oil from the oil industry, resulting in a backlash from the market.
Futures contracts for West Texas Intermediate crude futures were $ 47.45 a barrel by 0119 GMT, up 17 cents from the previous settlement price.
Brent crude futures were $ 52.53 a barrel, down 22 cents, or 0.4 percent, from the previous close.
http://economy-news.net/content.php?id=8887
The volatility of the oil markets on Monday was boosted by a US halt to Hurricane Harvey but was under pressure from an expected drop in demand for crude oil as the hurricane damaged refineries along the Gulf Coast.
Harvey, who arrived along the coast of Texas on the Gulf and Louisiana last week, halted about a quarter of the entire refining capacity in the United States, leading to higher prices and a supply gap for gasoline such as gasoline, which traders around the world were rushing to close.
Harvey also affected some of the US oil production but at the same time reduced demand for crude oil from the oil industry, resulting in a backlash from the market.
Futures contracts for West Texas Intermediate crude futures were $ 47.45 a barrel by 0119 GMT, up 17 cents from the previous settlement price.
Brent crude futures were $ 52.53 a barrel, down 22 cents, or 0.4 percent, from the previous close.
http://economy-news.net/content.php?id=8887
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