BAGHDAD – Oil markets rose on Monday after Hurricane Harvey amid an expected drop in demand for crude oil following the damage to oil refineries along the Gulf Coast.
Harvey halted nearly a quarter of the entire refining capacity in the United States, leading to higher prices and a supply gap for fuel such as gasoline, prompting traders around the world to rush to fill that gap.
Harvey also affected some of the US oil production, but at the same time reduced demand for crude oil, which resulted in a fluctuation in the markets.
US West Texas Intermediate crude futures were $ 47.45 a barrel, up 17 cents from the previous settlement price.
Brent crude futures were $ 52.53 a barrel, down 22 cents, or 0.4 percent, from the previous close.
Source: National Iraqi News Agency