An oil pump jack in the oil town of Gonzales, Texas. Getty Images An oil pump jack in the oil town of Gonzales, Texas. U.S. oil prices edged up on Tuesday as the gradual restart of Gulf of Mexico refineries following forced shutdowns due to Hurricane Harvey raised demand for crude, their most important feedstock. At the same time the return of many, though not all, U.S. refineries ended a spike in gasoline prices as initial fears of a serious supply crunch faded. U.S. West Texas Intermediate (WTI) crude futures were at $47.40 barrel at 0038 GMT, 11 cents above their last settlement. Gasoline futures, by contrast, dropped 3.5 percent from their last close, to 1.69 per gallon, down from $2.17 a gallon on Aug. 31 and back to levels last seen before Hurricane Harvey hit the U.S. Gulf coast and its large refining industry.
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Written by Dmitry Zhdannikov at Reuters