New York, Aug 29 (IANS) Oil prices settled lower on Monday as Hurricane Harvey hits US refiners.
Now tropical storm Harvey ravaged Houston and other parts of Texas over the weekend. Houston is home to several of the major US refineries, Xinhua reported.
Analysts said as refineries were forced to shut operation in severe weather, gasoline prices rose sharply.
Oil prices fell as the refinery shutdowns could reduce demand for American crude.
The West Texas Intermediate for October delivery lost $1.30 to settle at $46.57 a barrel on the New York Mercantile Exchange, while Brent crude for October delivery erased $0.52 to close at $51.89 a barrel on the London ICE Futures Exchange.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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