Oil prices edged down in early Asian trading on Tuesday, as traders weighed up the dampening effect on demand of Hurricane Irma versus refinery restarts in the wake of Hurricane Harvey that should lead to more crude oil processing. International benchmark Brent crude was down 5 cents, or 0.1 percent, at $53.79 per barrel by 0247 GMT from the previous close. U.S. West Texas Intermediate (WTI) crude was down 4 cents, or 0.1 percent, at $48.03 a barrel. U.S. refineries, including the largest U.S. refinery Motiva Enterprises, have started to come back online. Motiva restarted production on Monday after being shut for about two weeks as Hurricane Harvey ripped through the U.S. Gulf coast.
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Written by Libby George and Fanny Potkin at Reuters