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Oil markets roiled as Harvey hits US petroleum industry

Over 2 million bpd of refining capacity was estimated to be offline as a result of the storm

Ahmad Ghaddar | Reuters  |  London 

Oil markets were roiled on Monday after Tropical Storm Harvey wreaked havoc along the US Gulf Coast over the weekend, crippling Houston and its port, and knocking out several refineries as well as some crude production. US gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close. In turn, US crude futures fell as the refinery shutdowns could reduce demand for American crude. Brent futures steadied as pipeline blockades in Libya slashed the Opec state’s output by nearly 400,000 barrels per day (bpd). Harvey is the ...

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First Published: Tue, August 29 2017. 01:19 IST