U.S. crude prices extended losses on Tuesday as Hurricane Harvey shuts down more U.S. refiners, ripping through the heart of the oil industry.
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. Data showed the hurricane shut down about 13 percent of refining capacity in the country.
The West Texas Intermediate for October delivery lost 0.13 U.S. dollar to settle at 46.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery ticked up 0.11 dollar to close at 52.00 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. Data showed the hurricane shut down about 13 percent of refining capacity in the country.
The West Texas Intermediate for October delivery lost 0.13 U.S. dollar to settle at 46.44 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery ticked up 0.11 dollar to close at 52.00 dollars a barrel on the London ICE Futures Exchange.
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