Oil rises as US refineries restart (1 Visits)

Click/tap image to enlarge

Oil prices rose Monday while key U.S. refineries began restarts after Hurricane Harvey, wile fuel prices fell as Irma clipped demand for gasoline and diesel. 

Discussion of an extension to the 15-month production pact for OPEC and non-OPEC members also supported prices, according to traders. Brent crude oil futures settled up 6 cents while U.S. West Texas Intermediate crude rose by 59 cents. 

While Irma knocked out power to over 7.3 million people in Florida, Georgia, South Carolina and Alabama, concerns have been raised about demand, as storms tend to cut down driving, after many cars have been destroyed. Harvey is likely to be the bigger driver for the crude market according to analysts at Goldman Sachs.

Read the article here.