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Oil rises as US refineries resume and dollar retreats
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Economy News Baghdad: Brent crude prices rose on Thursday to hover near three-and-a-half-month highs as US oil refineries resumed their work after the tropical storm Harvey and increased crude oil refining while the dollar fell. London Brent crude was up 39 cents at $ 54.59 a barrel by 0921 GMT, near its highest since May 25. US West Texas Intermediate crude futures rose 8 cents to $ 49.24 a barrel near a four-week high. 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. 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. Prices also received support from the dollar's decline. Since oil is priced in US currency, the dollar's decline makes crude more expensive for holders of other currencies. The dollar index fell 0.39 percent to 91.933. |
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