Oil Gains Amid New Hurricane Threats

7 Sep 2017   Prices

Oil prices gained Wednesday on renewed demand as refineries in the Gulf Coast restarted operations. Light, sweet crude for October delivery rose 50 cents, or 1%, to $49.16 a barrel on the New York Mercantile Exchange, the highest settle value since Aug. 9. Brent, the global benchmark, rose 82 cents, or 1.5%, to $54.20 a barrel, its highest settle since April 18. The upswing in crude prices marked a swift reversal from last week, when prices had languished in the wake of Hurricane Harvey. The storm knocked out more than 20% of U.S. refining capacity , cutting demand for crude and weighing on prices. Refining capacity has since started to come back online, providing support for crude. “The price decreases before were probably considered overdone by market participants,” Eugen Weinberg, head of commodities research at Commerzbank , said of the quicker-than-expected recovery at refineries and other oil infrastructure damaged […]

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