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News X

US Crude Rises on Returning Refineries, Gasoline Slumps

Oil

US crude prices rose on Tuesday, following an increase in crude demand after the gradual restart of refineries in the Gulf of Mexico that were shut down by Hurricane Harvey, Reuters reports. WTI crude futures traded at $48.64 barrel by 1320 GMT, a 2-week record and 3% increase from their settlement at the end of Monday’s trading day. The return of many US refineries also ended a spike in gasoline prices, with gasoline futures dropping 4% from their last close, to $1.68 per gallon, down from $2.17 per gallon on Aug 31.