Oil mixed amidst Irma demand fears, Saudi cut extension talks

12 Sep 2017   Prices

Oil prices were mixed on Monday, with Hurricane Irma’s continued pounding Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure. Brent crude oil futures were down 13 cents, or 0.2 percent, at $53.65 a barrel at 12:17 p.m. (1617 GMT) while U.S. West Texas Intermediate crude rose by 59 cents, or over 1 percent, to $48.07. Hurricane Irma knocked out power to nearly 5.8 million Florida homes and businesses on Sunday after millions were told to evacuate ahead of the storm. Irma hit Florida on Sunday morning as a dangerous Category 4 hurricane. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed towards Georgia. Harvey struck the U.S. oil hub of Texas two weeks ago, knocking out a quarter of the nation’s refineries. Now many refineries are restarting, including the largest […]

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