WASHINGTON (dpa-AFX) - Crude oil futures continued to fall Wednesday, touching their lowest since July amid concerns about the fallout from Hurricane Harvey.
Oct. WTI oil was down 48 cents, or 1%, to settle at $45.96/bbl.
Refinery operations along the Texas coast may be interrupted for weeks, limiting the demand for crude oil.
According to S&P Global Platts, eleven refineries in the region have been forced to close due to the impact of the devastating storm and flooding has knocked off 18 percent of U.S. refining capacity. .
Motiva Enterprises said it will reduce the capacity at its Port Arthur refinery in Texas, the largest in the country, by 60 percent.
Harvey's destruction overshadowed data showing another drop in U.S. oil inventories.
The U.S. Department of Energy reported a bullish 5.4 million barrel draw in crude inventories over the past week.
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