Oil news: prices falling due to Harvey

Oil news: prices falling due to Harvey

Editorial Staff
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Are falling on the oil market, due to the closure or suspension of numerous refineries, in an area where 30% of US refinery capacity is concentrated

Oil prices are dropping due to Hurricane Harvey, the deadly storm that has lashed Texas and is now threatening Louisiana. The key to this development is the closure or suspension of numerous oil refineries in the affected areas, which contain 30% of the USA’s refining activities. At the same time, the Gulf of Mexico contains 20% of the nation’s extractive capacity. In all this, the market foresees a future fall in USA oil and petrol demand. On the Asian market opening, Light crude WTI futures fell by 13 percent to 46.31 dollars and Brent futures were down by 21 cents to 51.79 dollars a barrel.