ADVERTISEMENT

Oil rises, gasoline falls as US refineries restart

U.S. oil prices rose on Tuesday and gasoline fell as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude and eased fears of a fuel supply crunch. 

ADVERTISEMENT

Gasoline futures RBc1 dropped around 4 percent from their last close, to $1.68 per gallon, down from $2.17 on Aug. 31 and back to levels last seen before Harvey hit the U.S. Gulf Coast and its large refining industry. 

ADVERTISEMENT

On international markets, Brent crude futures LCOc1 also rose by 0.9 percent to $53.23 a barrel amid signals the Organization of the Petroleum Exporting Countries could extend its output limits beyond the first quarter of 2018. 

ADVERTISEMENT

U.S. West Texas Intermediate crude futures Clc1 jumped by almost 3 percent to $48.64 per barrel by 1320 GMT, their highest levels in two weeks, up $1.35 cents from their last settlement. 

Harvey hit the Texan coast late on Aug. 25 and at its peak knocked out almost a quarter of all U.S. refining capacity. 

Another Hurricane – Irma – strengthened on Tuesday into a Category 5 hurricane, the most powerful storm on the Saffir-Simpson scale with sustained winds of over 157 miles per hour. 

The U.S. National Hurricane Center’s forecast path for the storm has Irma passing south of Florida on Sunday on its way into the Gulf of Mexico. 

September is typically the peak of the hurricane season. Another storm is developing behind Irma in the Atlantic, and an area of bad weather in the southwest Gulf of Mexico threatens to become a tropical storm in the next two days. (Reuters)

 

Dear Esteemed reader,

As part of our drive to keep improving the content of our newspaper, we are conducting a readership survey to enable us serve you better.

Kindly take two minutes of your time to fill in this questionnaire.

Thank you for your time. Click here to begin

Download Daily Trust News App

Get it on Google Play
Share this article

BREAKTHROUGH NATURAL CURE FOR PROSTATE ISSUES IN JUST 15 DAYS!!!

You Can Prevent PROSTATE CANCER!!!

Your PROSTATE ENLARGEMENT Is REVERSIBLE!!!

Don't Let It Threaten You!

To SHRINK And NORMALIZE Your PROSTATE Within 15 Days Without Surgery Or Chemical Drugs, Click Here!!! Order Now! Limited Stock Available!!!

Join us on


Share your story with us: 08189301900 (Whatsapp and SMS only) Email: dtonline@dailytrust.com

Complain about a story or Report an error and/or correction: +2348189301900

DISCLAIMER: Comments on this thread are that of the maker and they do not necessarily reflect the organizations stand or views on issues.