WASHINGTON (dpa-AFX) - Crude oil futures tumbled Monday as Hurricane Harvey threatened to disrupt refinery operations along the Texas coast for the near future.
Oct. WTI oil dropped $1.30, or 2.7%, to settle at $46.57/bbl, the lowest in a month.
On the other hand, gasoline futures surged up 6%.
'The breadth and intensity of this rainfall are beyond anything experienced before. Catastrophic flooding is now underway and expected to continue for days,' the National Weather Service said on Twitter.
Harvey hit Texas as a Category 4 hurricane with winds of 130 miles per hour (210 kph), the strongest storm to hit the state since 1961. Rescue operations are underway for thousands stranded in Houston.
Saudi Arabia and Russia are pushing to extend their deal to limit crude oil production for another three months, WSJ reports.
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