Oil tumbles, gasoline spikes because floods knock out one-fifth of American refineries

Oil tumbles, gasoline spikes because floods knock out one-fifth of American refineries

On Wednesday, crude prices went down, although gasoline jumped to their maximums since July 2015 because flooding as well as storm damage in the wake of Hurricane Harvey knocked out one-fifth of American refineries, confounding demand for oil, though driving fears of fuel shortages.

Hurricane Harvey that has been already downgraded to an ordinary storm, has generated huge floods across coastal Texas, and also in Houston. The disaster is currently heading for Louisiana, exactly where more floods are supposed to take place.

American West Texas Intermediate crude futures hit $46.31 a barrel, losing 13 cents from their previous close. As for Brent crude futures, they tumbled 21 cents being worth $51.79 a barrel.

American gasoline prices leapt over 3% hitting $1.8396 per gallon. Earlier prices demonstrated the most impressive reading since July 31, 2015, reaching $1.842.

 

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