Oil Futures Rebound Some in Asian Trade
Oil futures rose in Asian trading on Tuesday, regaining some ground after fresh selling overnight especially in the U.S. WTI, following the disruption caused by Tropical Storm Harvey.
--On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded 0.5% higher at $46.82 a barrel in the Globex electronic session. October Brent crude on London's ICE Futures exchange rose 0.5% to $52.14.
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--Nymex gasoline futures for September rose 1.5% at $1.7378 a gallon.
--Hurricane Harvey's impact is bearish for crude oil from a demand perspective, given that some 2 million barrels per day of refining capacity remains shut, says RBC Capital Markets Commodity Strategist Michael Tran.
--While there has been a price spike for refined products, further details surrounding the status of localized refineries will dictate prices going forward, Mr. Tran adds.
Write to Biman Mukherji at biman.mukherji@dowjones.com
(END) Dow Jones Newswires
August 29, 2017 00:04 ET (04:04 GMT)