Hurricane Harvey To Disrupt U.S. Production, Crude Oil Futures Edge Higher
Aug, 25th 03:04
Crude oil futures prices rose on Friday, reversing higher after a plunge in the previous session. The price rises came after news that showed U.S. oil production in an area of Texas would be disrupted to be involved in preparation for the arrival of Hurricane Harvey.
Brent crude futures, the international benchmark for oil prices jumped nearly 0.7 percent from their last close to trade at $52.40 per barrel. The tropical storm known as Hurricane Harvey is forecast to turn into a Category 3 storm when it makes landfall on the coast of Texas late Friday.
The storm, which would be the biggest hurricane to hit the mainland United States in 12 years, takes aim at the heart of the U.S’s oil refining industry between Houston and Corpus Christi and threatens to disrupt onshore and offshore production in this area.
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