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Oil prices rise as U.S. refineries restart

2017-09-12 08:41

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Oil prices rose on Monday, due to the restarting of U.S. refineries and Saudi Arabia's cut extension talks.

Hurricane Irma, once a Category 5 hurricane, hit the coast of Florida over the weekend. It continued to march north on Monday, dumping rains across Florida. However, the National Hurricane Center said that Irma had already weakened to a tropical storm.

Many refineries are restarting right now, lifting demand for American crude.
Meanwhile, Saudi Arabia's cut extension talks are aimed to curb an oil supply glut that has weighed on oil prices.

Media reported Saudi Arabia's Energy Minister Khalid al-Falih met his Venezuelan and Kazakh counterparts at the weekend to discuss an extension of the deal by at least three months.

The West Texas Intermediate for October delivery was up 0.59 U.S. dollar to settle at 48.07 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery inched up 0.06 dollar to close at 53.84 dollars a barrel on the London ICE Futures Exchange.
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