HONG KONG and LONDON (Bloomberg) -- Oil steadied near $48/bbl as refiners on the U.S. Gulf Coast continued to recover following two strikes from Hurricane Harvey, while Irma weakened further after moving inland.
Futures slipped 0.5%in New York after rising 1.2% Monday. U.S. refiners closed by Hurricane Harvey more than two weeks ago continue to restart, including the nation’s largest, operated by Motiva Enterprises. The 12 OPEC nations engaged in production cuts reduced their output by 109,000 bpd last month, according to a person familiar with the matter.
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Headline crude prices for the week beginning 12 November 2018 – Brent: US$71/b; WTI: US$60/b
Headlines of the week