Harvey Storm Humps Crude Oil Prices in Global Markets
By : Abraham Sihombing And Aldo Bella Putra | Friday, August 25 2017 - 18:00 IWST
INDUSTRY.co.id - NEW YORK - The price of West Texas Intermediate (WTI) crude oil for October 2017 delivery contract closed down 98 cents to US $ 47.43 a barrel on the New York Mercantile Exchange (NYMEX) in Thursday's trading session (24/08/2017). Xinhua news agency reported in New York on Friday (25/08/2017) western Indonesia time.
In addition, Xinhua also reported that Brent crude for October delivery fell 53 cents to $ 52.04 a barrel at the close of London ICE Futures Exchange.
According to market participants, crude oil prices in the global market weakened on Thursday as a number of oil refineries in the United States closed its operations as Harvey storms emerged.
According to the National Weather Service, Harvey's tropical storm has risen to a full-scale thunderstorm late Thursday and is expected to land in Texas on Friday.
Along with the emergence of the storm, two oil refineries in Texas have stopped its exploitation activities in preparation for the storm.
Some analysts say, the decline in crude oil prices because the market participants will prefer to buy petroleum derived products, such as gasoline and they will sell their crude oil. The reason, market participants will anticipate the blackout of the Gulf Coast in America along with the Harvey tropical storm. (Abraham Sihombing)