You are here: Home » International » News » Economy
Business Standard

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 people, ...

This article is no longer available in our repository.

There could be multiple reasons for this.

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