Oil prices remain stable as hurricane impact continues to be minimal
(MENAFN) Oil prices remained relatively stable in early trading on Tuesday following Hurricane Beryl's impact on a major oil production hub in Texas, which caused less damage than anticipated. brent crude futures decreased slightly by four cents to USD85.71 a barrel by 0113 GMT, while U.S. West Texas Intermediate crude dipped by five cents to USD82.28. Despite reduced oil refining activity and the evacuation of some production sites, major refineries along the US Gulf Coast were minimally affected by Hurricane Beryl, which weakened to a tropical storm upon reaching the Texas coast. This alleviated market concerns regarding potential supply disruptions in Texas, a region responsible for 40 percent of U.S. crude oil production.
Ahead of the storm, major oil shipping ports 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. Market participants are also monitoring developments in the Middle East for additional trade signals. On Monday, oil prices fell by 1 percent amid optimism that a potential ceasefire in the Palestinian Gaza Strip could help ease concerns about disruptions to global crude supplies. The White House reported that senior U.S. officials visited Egypt for talks on Monday, but significant gaps remained between the negotiating parties. Additionally, Hamas indicated that a new Israeli incursion into Gaza threatened the prospects of reaching a ceasefire agreement.
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