Oil prices drop by Hurricane Harvey

Hurricane harvey

New York, Aug 29: Hurricane Harvey hits US refiners as well, Oil prices gone down.

This tropical storm Harvey hit Texas and Houston over the weekend. Houston is home to several of the major US refineries, according to reports.

Analysts said as refineries were forced to shut operation in severe weather, gasoline prices rose sharply.

As the demand reduce for American crude, Oil prices fell down.

The West Texas Intermediate for October delivery lost $1.30 to settle at $46.57 a barrel on the New York Mercantile Exchange and Brent crude for October delivery erased $0.52 to close at $51.89 a barrel on the London ICE Futures Exchange.

Wefornews Bureau

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