Crude Oil Prices Are Expected To Trade Lower Today - Dollar Advisory | Best Commodity Tips Provider

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Thursday 31 August 2017

Crude Oil Prices Are Expected To Trade Lower Today

WTI oil prices declined by 0.4 percent on Wednesday to close at $46 per barrel while MCX oil prices declined by same margin at Rs.2962 per barrel.

Flooding and damage from Tropical Storm Harvey shut nearly a quarter of U.S. refinery capacity, curbing demand for crude while raising the risk of fuel shortages.

About 4.4 million barrels of U.S. refining capacity has been shut by Harvey, based on company reports and Reuters estimates. That represents nearly a quarter of U.S. refining production, and restarting plants under even the best conditions can take a week or more.

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