US oil prices have improved as refineries in the Gulf region of the country that closed after storm Harvey have resumed production. 

Brent crude futures dipped 3 cents to $52.31 a barrel, while US West Texas Intermediate (WTI) crude futures gained 26 cents to touch $47.55 a barrel, reported Reuters.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

The gasoline prices fell by 4% to $1.68 a gallon, having previously increased following the nullifying of a significant number of US inventories. 

Rivkin Securities investment analyst William O‘Loughlin was quoted by the news agency as saying: "Gasoline fell as refineries in Texas began to reopen."

"Gasoline fell as refineries in Texas began to reopen."

Hurricane Harvey that struck the coast of Texas on 25 August led to widespread destruction in the state and surrounding regions. 

See Also:

Nearly 25% of the total refining capacity of the US was forced into closure. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The US Department of Energy said that eight oil refineries with a combined output of nearly 2.1 million bpd that makes up to 11.4% of total refining capacity of the country were still closed as of 4 September. 

Brent crude futures slipped by 3 cents as traders are still apprehensive in investing in oil, a riskier asset compared with the safe investment in gold, following North Korea’s powerful nuclear test.