Daily News | Harvey affects oil prices

It’s time for the last market analysis this week and this time it’s all about oil. The prices are falling today due to the effects Hurricane Harvey has had on the US economy. More than 25% of the country’s refining industry is out of commission these days, with the production dropping down by more than 4.4 million barrels per day. This also forced the government to release approximately 1 million barrels from its reserves, which was the first such move in five years. Given that this weekend is Labor Day weekend in the United States, the fears of an oil shortage are increasing and Harvey is still doing damage.
Meanwhile, the production of oil in the OPEC countries has no such problems, although it did drop slightly compared to last month, which was the most productive month this year. It is feared, however, that the amount of oil will produced increase too quickly once the situation in the United States stabilizes, but that will only be crude. not refined oil. This will certainly have an impact on the commodity’s price, so we suggest you stay prepared for further fluctuations, especially in the US. Until then, keep coming back to our website for all the financial news you need. Good luck and stay safe!

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