Oil prices steady as traders assess U.S. hurricane impact

12 Sep 2017   Prices

Oil prices were steady on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing. International benchmark Brent crude LCOc1 was down 4 cents, or 0.07 percent, at $53.80 per barrel by 0655 GMT from the previous close. U.S. West Texas Intermediate (WTI) crude CLc1 was down 3 cents, or 0.06 percent, at $48.04 a barrel. U.S. refineries, including the largest U.S. refinery Motiva Enterprises [MOTIV.UL], have started to come back online. Motiva restarted production on Monday after being shut for about two weeks as Hurricane Harvey ripped through the U.S. Gulf coast. On Harvey’s heels, Hurricane Irma slammed into Florida on Sunday, leaving more than 7.4 million homes and businesses without power, but has since been downgraded to a tropical storm. U.S. crude inventories likely […]

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