Oil prices strongly rebounded from recent losses on Thursday, but U.S. crude oil prices posted steep monthly loss in August due to Hurricane Harvey.
Now tropical storm Harvey has ravaged Houston, home to several of 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 Thursday, hitting the highest level in more than two years, due to the storm.
Meanwhile, traders still digested data released by the Energy Information Administration in the previous session. U.S. crude oil inventories fell 5.4 million barrels in the August 25 week to 457.8 million, 7.6 percent below the level in the same week a year ago.
The West Texas Intermediate for October delivery rose 1.27 U.S. dollars to settle at 47.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery was up 1.52 dollars to close at 52.38 dollars a barrel on the London ICE Futures Exchange.
Now tropical storm Harvey has ravaged Houston, home to several of 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 Thursday, hitting the highest level in more than two years, due to the storm.
Meanwhile, traders still digested data released by the Energy Information Administration in the previous session. U.S. crude oil inventories fell 5.4 million barrels in the August 25 week to 457.8 million, 7.6 percent below the level in the same week a year ago.
The West Texas Intermediate for October delivery rose 1.27 U.S. dollars to settle at 47.23 dollars a barrel on the New York Mercantile Exchange, while Brent crude for October delivery was up 1.52 dollars to close at 52.38 dollars a barrel on the London ICE Futures Exchange.
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