Oil prices settled lower Monday as Hurricane Harvey hits U.S. refiners.
Now tropical storm Harvey ravaged Houston and other parts of Texas over the weekend. Houston is home to several of the major U.S. refineries.
Analysts said as refineries were forced to shut operation in severe weather, gasoline prices rose sharply.
Oil prices fell as the refinery shutdowns could reduce demand for American crude.
The West Texas Intermediate for October delivery lost 1.30 U.S. dollars to settle at 46.57 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.52 dollar to close at 51.89 dollars a barrel on the London ICE Futures Exchange.
Now tropical storm Harvey ravaged Houston and other parts of Texas over the weekend. Houston is home to several of the major U.S. refineries.
Analysts said as refineries were forced to shut operation in severe weather, gasoline prices rose sharply.
Oil prices fell as the refinery shutdowns could reduce demand for American crude.
The West Texas Intermediate for October delivery lost 1.30 U.S. dollars to settle at 46.57 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased 0.52 dollar to close at 51.89 dollars a barrel on the London ICE Futures Exchange.
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