Oil Edges Higher as Hurricane Concerns Ease

12 Sep 2017   Prices

Oil prices settled higher on Monday, as refineries planned restarts and Saudi Arabia debated the possibility of extending a deal to curb output among major producers. Light, sweet crude for October delivery settled up 59 cents, or 1.2%, at $48.07 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 6 cents, or 0.1%, to $53.84 a barrel. Hurricanes Harvey and Irma have spurred volatile trading in energy markets in the past few weeks, as traders assess how the damage across major cities will impact demand for oil. When Harvey made landfall at the end of August, the wind and rain knocked out more than 20% of the country’s refining capacity. However, prices began to recover as several refiners affected by the storm announced plans to restart operations. “Some pretty material chunks have started coming back,” said John Saucer, vice president of research and analysis at […]

Comments are closed.