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Oil Update: Oil steady as US Oil Industry resumes production

AS more than fifth of oil refineries remain closed after Hurricane Harvey, the US oil production has shut down by more than 7 percent. The Hurricane Harvey has posed serious challenges in the oil industry across US with demands rising in the Texan and Floridian states.

Prices for oil steadied after Friday as almost a week of rises in oil prices as demand for gasoline products surged after the Hurricane. Oil demand is expected to rise even further as another Hurricane Irma is all set to hit US state of Florida, with production down by more than 8 percent, it is yet to see how US will respond to the increasing demand in the gasoline products.

Brent crude was up 5 cents at $54.54 a barrel by 0900 GMT, after earlier reaching its highest since April at $54.80. U.S. light crude oil was 30 cents lower at $48.79 barrel.

Hurricane Harvey has not only affected US oil industry but has had a lasting impact on U.S. Auto sector as well, affecting more than half the Texan population abilities to travel. Auto Suppliers have ramped up their efforts to take a chunk out of the potential demand that is expected to be experienced across the Hurricane hit region.

As Hurricane Irma approaches nearer to the US state of Florida, one awaits to see how much of an Economic impact it will make to the US Economy. Irma is expected to reach the Floridian border by Saturday.

As US braces itself for the impact form Irma, another hurricane named Jose is brewing along the Caribbean islands which is also set to hit the US borders in the incumbent months.

Posted on: 2017-09-08T15:30:00+05:00
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