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Oil is rapidly becoming cheaper, the focus is on the consequences of the hurricane in the USA



Oil prices drop significantly on Monday's evening trades: investors focus on the aftermath of Hurricane Harvey that hit the U.S. coast of the Gulf of Mexico.



28.Aug.17 2:11 PM
By Daria Zaytseva
Photo Toinnov.com

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Oil is rapidly becoming cheaper, the focus is on the consequences of the hurricane in the USA

By 17.30 GMT, futures for Brent crude fell 1.11 percent to $ 51.83 per barrel.

Futures for U.S. crude WTI by this time traded at $ 46.69 per barrel, 2.47 percent lower than the previous closing.

As a result of the hurricane, oil production in the Gulf of Mexico decreased by almost 22 percent, equivalent to 379,000 barrels per day, according to the U.S. Bureau of Safety and Environmental Control.

The main blow in this case fell to the refining capacity of Texas and Louisiana, which is 5.6 million barrels per day and 3.3 million barrels per day, respectively. A number of companies suspended their refineries: on the whole, as calculations show, it is about more than 2 million barrels per day.

Earlier support for the North Sea blend Brent was reported on the announcement of force majeure on the supply of oil from several fields in Libya immediately because of the blockade of oil pipelines. Against the U.S. benchmark, concerns were expressed about the decline in demand for oil from the U.S. due to the suspension of the refinery.

Despite the fact that the exact amount of damage from the hurricane is still unclear, some analysts believe that energy markets will feel its effects for several weeks.




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