Oil prices see little change despite impact of Hurricane Beryl on output hub in Texas


(MENAFN) Early trading on Tuesday saw little change in oil prices, despite the impact of Hurricane Beryl on a significant oil production hub in Texas. The hurricane caused less damage than initially anticipated, leading to only minor fluctuations in the market. Specifically, brent crude futures experienced a modest decline of 4 cents, settling at USD85.71 per barrel by 0113 GMT, while US West Texas Intermediate crude fell by 5 cents to USD82.28, according to Reuters.

The hurricane had prompted a slowdown in oil refining activity and the evacuation of certain production sites. However, major refineries along the U.S. Gulf Coast reported minimal impact from the storm. After making landfall in Texas, Hurricane Beryl weakened to a tropical storm, alleviating fears of significant supply disruptions in the region, which is responsible for producing 40 percent of the United States' crude oil.

In anticipation of the hurricane, major oil shipping ports, including those around Corpus Christi, Galveston, and Houston, were closed. The Corpus Christi Ship Channel reopened on Monday, and the Port of Houston was expected to resume operations by Tuesday afternoon. These developments helped to stabilize market concerns regarding potential supply issues.

Additionally, market participants were closely monitoring the situation in the Middle East for further trade signals. On Monday, oil prices dropped by 1 percent, driven by optimism that a potential ceasefire agreement in the Palestinian Gaza Strip could ease fears of global crude supply disruptions.

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