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Crude Oil Jumps, Gasoline Slides as US Refineries Reopen

September 5, 2017 at 16:23 by Vladimir Vyun

Futures for crude oil jumped and for gasoline declined today as US refineries started to reopen after being shutdown by Hurricane Harvey. Previously, the decrease of US refining capacity by almost a quarter led to speculations that consumption of US oil will drastically fall, and that weighed on crude. Another hurricane, Irma, is heading to the Gulf of Mexico, though at present it seems the disaster will pass without affecting the regions with refineries. Yet experts warn that currently it is impossible to predict that for sure.

Futures for delivery of WTI crude oil in October gained as much as 3.32% to $48.86 per barrel as of 16:15 GMT on NYMEX today. November contract for Brent crude climbed 2.35% to $53.57 per barrel on ICE. Meanwhile, October RBOB gasoline slumped 3.11% to $1.6936 per gallon on NYMEX.

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