Oil costs witnessed a dip on Wednesday as demand for crude remained subdued on the again of refinery closures as a result of Hurricane Harvey.
Market focus was additionally being drawn to Hurricane Irma, a report class 5 storm, which is heading towards necessary shipping lanes in the Caribbean.
Even though many refineries and pipelines which have been knocked out with the aid of Harvey are now within the technique of restarting their operations and it's going to make an effort sooner than america oil trade is again to full crude processing capacity.
As of Tuesday,
about 3.8 million barrels of day by day refining capability, or about
20%, was once shut, though a lot of the refineries in that staff have
been in the technique of restarting. a number of others, including
Marathon’s Galveston Bay and Citgo’s Corpus Christi refineries, have
been running at decreased charges, pronounced a number one business day
by day.
US West Texas Intermediate (WTI) crude futures were at USD 48.63 barrel at 0048 GMT, 3 cents below their last agreement. In world oil markets, Brent crude futures dipped 19 cents to USD 53.19 a barrel.
Market focus was additionally being drawn to Hurricane Irma, a report class 5 storm, which is heading towards necessary shipping lanes in the Caribbean.
Even though many refineries and pipelines which have been knocked out with the aid of Harvey are now within the technique of restarting their operations and it's going to make an effort sooner than america oil trade is again to full crude processing capacity.
As of Tuesday,
about 3.8 million barrels of day by day refining capability, or about
20%, was once shut, though a lot of the refineries in that staff have
been in the technique of restarting. a number of others, including
Marathon’s Galveston Bay and Citgo’s Corpus Christi refineries, have
been running at decreased charges, pronounced a number one business day
by day.US West Texas Intermediate (WTI) crude futures were at USD 48.63 barrel at 0048 GMT, 3 cents below their last agreement. In world oil markets, Brent crude futures dipped 19 cents to USD 53.19 a barrel.
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