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Harvey aftermath: US oil prices may see worst monthly fall in over a year

Hurricane said to have knocked out almost a quarter of nation's refineries

Reuters  |  Amsterdam 

US crude oil prices are on track to post the steepest monthly losses in more than a year on Thursday as concerns spread over falling demand in the world's top oil-consuming country after storm Harvey knocked out almost a quarter of its refineries. But prices rallied in the oil products markets, with US gasoline futures hitting a two-year high above $2 a gallon, buoyed by fears of a fuel shortage just days ahead of the Labor Day weekend that typically sees a surge in driving. Harvey, which brought record flooding to the US oil heartland of Texas and killed at least 35 ...

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First Published: Thu, August 31 2017. 16:44 IST
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