Oil dips as U.S. floods cause large-scale refinery shutdowns

30 Aug 2017   Prices

Oil prices slid on Wednesday as refinery shutdowns in the wake of Hurricane Harvey cut U.S. demand for crude, the most important feedstock for the petroleum industry. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.35 per barrel at 0155 GMT, down 9 cents from their last close. Brent crude futures LCOc1 were down 7 cents, at $51.93 a barrel. “Severe flooding due to tropical storm Harvey is affecting refinery capacity and therefore crude demand, with the largest refinery in the U.S. currently operating at just 60 percent capacity,” ANZ bank said in a note on Wednesday. The largest crude oil refinery in the United States, operated by Motiva Enterprises [MOTIV.UL], was shutting down on Tuesday night due to flooding from Harvey in […]

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