$type=grid$count=5$m=0$sn=0$rm=0$show=home

[WORLD]$type=sticky$rm=0$va=0$count=4$va=0$show=home

Muslim World$type=three$h=250$c=3$author=hide$comment=hide$rm=hide$date=hide$snippet=hide$show=home

Pakistan$type=three$h=250$c=3$author=hide$comment=hide$rm=hide$date=hide$snippet=hide$show=home

$type=slider$meta=0$snip=0$rm=0$count=6$show=/Islamophobia

$type=slider$meta=0$snip=0$rm=0$count=6$show=/search/label/Pakistan

$type=slider$meta=0$snip=0$rm=0$count=6$show=/search/label/Popular

Saudi Arabia$type=two$count=2$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Iran_$type=three$count=3$h=250$space=1$icon=1$m=0$sn=0$rm=0$show=/search/label/Muslim%20World

Palestine$type=three$author=hide$comment=hide$rm=hide$date=hide$show=/search/label/Muslim%20World

Islamophobia_$type=carousel$h=350$show=/search/label/Muslim%20World

Popular Posts All time_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 7 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last 30 days_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Popular Posts Last year_$type=three$meta=0$snip=0$rm=0$count=9$show=/search/label/Popular

Oil prices dip as market grapples with hurricane damage

SHARE:

LONDON - Crude prices dipped on Tuesday as the market grappled with the shutdown of some 13 percent of refining capacity in the United States after a hurricane ripped through the heart of the country’s oil industry.

The refinery closures helped push U.S. gasoline futures RBc1 to a two-year high of $1.7799 per gallon on Monday, although they had receded to $1.7078 by 0957 GMT on Tuesday.

International Brent crude futures LCOc1 were 42 cents lower at $51.47 per barrel, having traded as high as $52.19 earlier in the day.

U.S. West Texas Intermediate (WTI) crude CLc1 edged down 10 cents to $46.47 a barrel, after falling more than 2 percent in the previous session.

The damage assessment could lead to more volatility. Some refineries were preparing for restarts, but heavy rains are expected to last through Wednesday, adding to catastrophic flooding in Houston.

“Refineries in Asia should run much harder to make up for (U.S. closures), which is supportive for Brent,” said Olivier Jakob, managing director of oil analysis firm PetroMatrix.

Still, Jakob warned that the scale of U.S. upstream outages was not yet clear, and extensive damage on oilfields or pipelines could boost WTI prices.

Tropical Storm Harvey, which has been downgraded from a hurricane, hit oil refiners harder than crude producers.

“Around 2-3 million bpd (barrels per day) of refining capacity is offline or in the process of shutting down ... (and) more than 500,000 bpd of oil production... is offline,” Barclays bank said.

It added that the storm’s impact would “linger for several more weeks.”

As a result, the discount of U.S. WTI versus Brent surpassed $5 per barrel, its widest in more than two years. CL-LCO1=R

Crude markets were also looking at disruptions in Libya and Colombia.

In Libya, militia pipeline blockades closed three oilfields and forced state-run National Oil Corp to declare force majeure at several sites. The 280,000-bpd Sharara field, the OPEC member’s largest, has been shut for around a week.

In Colombia, a bomb attack by the leftist ELN rebel group halted pumping operations along the country's second-largest oil pipeline, the 210,000-bpd Cano-Limon Covenas.

Despite this, crude remains in ample supply, resulting in low prices.

"We are thus lowering our Brent oil price estimates to $55 per barrel from $60 per barrel in 4Q17 (and) to $57 per barrel from $64 per barrel in 2018," Jefferies bank said.

COMMENTS

Name

Ads,5,Afghanistan,79,Africa,28,Americas,5,Animals,37,Argentina,1,Asia,277,Australia,11,Austria,5,Bahrain,3,Bangladesh,18,Barcelona,1,Belgium,3,Brunei,1,Business,1322,Canada,5,Catalan,80,China,129,Cuba,3,Czech Republic,3,DR Congo,1,Egypt,22,Ethiopia,1,Europe,261,Fitness,14,France,28,Germany,41,Haiti,1,Headlines,11,Health,171,Hillary Clinton,199,Hong Kong,2,Hungary,1,Iceland,1,India,111,Indonesia,11,International,75,Iran,84,Iraq,78,Ireland,2,Islamophobia,19,Israel,12,Italy,4,Japan,41,Jordan,1,Kenya,7,Kosovo,1,Kuwait,3,Lebanon,2,Libya,2,Lifestyle,303,Lithuania,1,Malawi,1,Malaysia,16,Malta,1,Maxico,4,Middle East,138,Muslim World,626,Myanmar,35,Nawaz Sharif,5,Nepal,3,Netherlands,2,New Zealand,10,Niger,1,Nigeria,2,Nobel Prize,81,North Korea,58,Norway,1,Opinion,26,Pakistan,1061,Palestine,38,Philippine,17,Pics,66,Poland,3,Popular,1,Qatar,93,Rohingya,118,Russia,49,Rwanda,1,Saudi Arabia,85,Science,144,Serbia,2,Showbiz,351,Somalia,4,South Africa,2,South Korea,8,Spain,62,Sports,1328,Sudan,1,Sweden,1,Switzerland,2,Syria,113,Taiwan,3,Technology,455,Thailand,12,Today IN History,24,Top News,1033,Tunisia,1,Turkey,81,U.S.,344,UAE,22,UK,59,Ukrain,2,Venezuela,4,Videos,76,Vietnam,2,World,4893,Yemen,21,Zimbabwe,2,
ltr
item
Muslim Global: Oil prices dip as market grapples with hurricane damage
Oil prices dip as market grapples with hurricane damage
https://1.bp.blogspot.com/-VMQwFgxOwtg/WaVH2eMlBNI/AAAAAAAAd5s/-DxDocmhVww6pGPnb730WGzAMhzeQwVYQCLcBGAs/s640/Clouds%2Bfrom%2BHurricane%2BHarvey%2Bare%2Bseen%2Bin%2Bthe%2Bbackground%2Bas%2Bsmoke%2Brises%2Bfrom%2Ba%2Bburn%2Boff%2Bat%2Ban%2Boil%2Brefinery%2Bin%2BCorpus%2BChristi%252C%2BTexas.jpg
https://1.bp.blogspot.com/-VMQwFgxOwtg/WaVH2eMlBNI/AAAAAAAAd5s/-DxDocmhVww6pGPnb730WGzAMhzeQwVYQCLcBGAs/s72-c/Clouds%2Bfrom%2BHurricane%2BHarvey%2Bare%2Bseen%2Bin%2Bthe%2Bbackground%2Bas%2Bsmoke%2Brises%2Bfrom%2Ba%2Bburn%2Boff%2Bat%2Ban%2Boil%2Brefinery%2Bin%2BCorpus%2BChristi%252C%2BTexas.jpg
Muslim Global
http://www.muslimglobal.com/2017/08/oil-prices-dip-as-market-grapples-with.html
http://www.muslimglobal.com/
http://www.muslimglobal.com/
http://www.muslimglobal.com/2017/08/oil-prices-dip-as-market-grapples-with.html
true
616431133175714168
UTF-8
Loaded All Posts Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock Copy All Code Select All Code All codes were copied to your clipboard Can not copy the codes / texts, please press [CTRL]+[C] (or CMD+C with Mac) to copy