Oil prices rise as some refineries restart

Source: Xinhua| 2017-09-02 03:53:59|Editor: An
Video PlayerClose

NEW YORK, Sept. 1 (Xinhua) -- U.S. crude oil rose on Friday, as some refineries began to restart after shutting by the Hurricane Harvey.

Tropical storm Harvey has in the past week ravaged Houston, home to several of the major U.S. refineries, and other parts of Texas.

Refineries were forced to shut operation in severe weather. Data showed the hurricane shut down more than 20 percent of refining capacity in the country.

Oil prices fell earlier this week as the refinery shutdowns could reduce demand for American crude.

Analysts said Harvey has had tragic effects on Texas and further heavy rain and floods could increase refining outrages, tightening product and crude markets.

U.S. gasoline futures spiked, hitting the highest level in more than two years, due to the storm.

Meanwhile, the number of rigs operating in U.S. oil fields was unchanged at a total of 759 rigs this week, according to data released by oilfield service firm Baker Hughes on Friday.

The West Texas Intermediate for October delivery ticked up 0.06 U.S. dollar to settle at 47.29 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery inched down 0.11 dollar to close at 52.75 dollars a barrel on the London ICE Futures Exchange.

TOP STORIES
EDITOR’S CHOICE
MOST VIEWED
EXPLORE XINHUANET
010020070750000000000000011106041365756011