Crude oil futures suffered sharp sell-off with the start of the new week, as Tropical Storm Harvey continued to disrupt refinery activity along the US Gulf coast, adding to fears of an uptick in crude oil supplies.
Weather Service reported that the breadth and intensity of the rainfall was beyond anything experienced before and said that catastrophic flooding is now underway and expected to continue for days. Flooding caused by the storm forced refiners in the Gulf of Mexico region to shutdown.
Benchmark crude oil futures for October delivery ended down by $1.30 or 2.7 percent to $46.57 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended lower by $1.44 at $51.23 a barrel on the ICE.
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Crude oil futures suffered sharp sell-off with the start of the new week, as Tropical Storm Harvey continued to disrupt refinery activity along the US Gulf coast, adding to fears of an uptick in crude oil supplies.
Weather Service reported that the breadth and intensity of the rainfall was beyond anything experienced before and said that catastrophic flooding is now underway and expected to continue for days. Flooding caused by the storm forced refiners in the Gulf of Mexico region to shutdown.
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