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US crude oil slips ahead of Trump decision on Iran
US crude oil prices have slipped back after strong gains as the White House prepared to announce a decision on whether it will withdraw from the Iran nuclear deal. Iran’s oil production has bounced back to nearly 4m barrels a day since world powers eased sanctions over its nuclear programme. Reimposing sanctions could reduce Iranian oil exports by 200,000-300,000 barrels a day, according to RBC Capital Markets. Click Read More below for additional information.
U.S. Crude Rises, Gasoline Falls as Refineries Restart
U.S. oil prices rose on Tuesday and gasoline fell as the gradual restart of refineries in the Gulf of Mexico that were shut by Hurricane Harvey raised demand for crude and eased fears of a fuel supply crunch.
Gasoline futures RBc1 dropped 4 percent from their last close, to $1.68 per gallon, down from $2.17 on Aug. 31 and back to levels last seen before Harvey hit the U.S. Gulf Coast and its large refining industry.
U.S. West Texas Intermediate crude futures Clc1 rose more than 1 percent to $47.84 per barrel by 1008 GMT, up 55 cents from their last settlement.
“Gasoline fell as refineries in Texas began to reopen,” said William O‘Loughlin, investment analyst at Rivkin Securities.
Texas was edging towards recovery from the devastation of Harvey as shipping channels, oil pipelines and refineries restarted some operations.
