Oil dips on fears Hurricane Irma could hit crude shipments, rising Libya output

7 Sep 2017   Prices

¬†Oil prices dipped on Thursday over fears that Hurricane Irma in the Caribbean could interrupt crude shipments in and out of the United States, and as Libyan output began to recover from disruptions. However, prices received some support from rising demand in the United States, where Gulf Coast refineries are restarting in the wake of Hurricane Harvey that hit the region less than two weeks ago. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 18 cents, or 0.4 percent, at $48.98 barrel at 0687 GMT, but were still close to their highest in more than three weeks, reached in the previous session. Brent crude futures LCOc1, the benchmark for oil prices outside the United States, dipped 21 cents, or 0.4 percent, to $53.99 a barrel, remaining near May highs marked the day before. U.S. Gulf Coast facilities were slowly recovering from the devastating effects […]

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