Oil markets mixed on Saudi supply cut, hurricane damage to refineries

8 Sep 2017   Prices

¬†Oil markets were mixed on Friday, with Brent crude supported by expectations that Saudi Arabia could cut its October supplies, while U.S. crude was weighed down by refinery outages due to damage from Hurricane Harvey, which dented demand. Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico. Brent crude futures LCOc1 were up 8 cents at $54.57 a barrel at 0735 GMT, with the benchmark for international oil prices earlier marking its highest since April at $54.79 a barrel. Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day (bpd), an industry source familiar with Saudi oil policy told Reuters on Thursday. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.98 barrel, 11 cents below their last settlement. Traders said that the dip was a result of […]

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