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Hurricane Harvey affects the price of oil

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Hurricane Harvey affects the price of oil
August 30
09:00 2017

Today analysts are puzzled by the fact that oil refineries located in the US state of Texas temporarily have suspended work. This happened due to the hurricane Harvey, rampaging in the USA this week. Currently Texas-based plants are closing about a quarter of the capacity of the United States of America. Unfortunately, the date when the production capacity will be returned to operation is not reported. The negative sentiments of investors are also influenced by the expectations of the reports on commercial black gold reserves in the USA.

Against the backdrop of the negative news, the price of WTI crude oil has fallen to a monthly low. The situation for Brent crude oil is as follows: for this morning the price for October futures on the ICE Futures exchange has fallen by 0.38% and amounted to 51.8 US dollars per barrel.

In the morning, WTI crude oil traded on the New York Mercantile Exchange (NYMEX) has dropped by 0.32% and totalled 46.29 US dollars per barrel.
For Tuesday, Brent crude oil showed an increase of 0.2% and fixed at around 52 US dollars per barrel. WTI crude oil fell in price by 0.3% and stopped at around 46.44 US dollars per barrel (this is the minimum for the last month).

The American Petroleum Institute (API) reports on a decrease in the volume of oil reserves in the United States. And more specifically, over the past week there was a decrease by 5.8 million barrels (analysts forecasted a drop by1.9 million barrels). The change in the reserves of processed black gold is as follows: distillates have reduced by 490,000 barrels, gasoline stocks have increased by 480,000 barrels.

More accurate data will be published today by the US Department of Energy at 17:30 (MSK).

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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