Prices of crude falls as flooding from storm Harvey shakes the United States oil industry

Friday, prices of crude declined sharply on Asian trading along with the ongoing commotion in the oil industry with almost a quarter of United States refining capacity being shut down due to the Harvey hurricane. The United States West Texas Intermediate closed at $46.96 per barrel, down by 0.6% or 27 cents compared to the previous session.

The international benchmark, Brent crude futures new contracts for November delivery traded at $52.78 –  0.2% or 8 cents lower from their previous session. In contrast, contracts for the month of October, traded on Thursday, climbed by 2.99% or $1.52 closing at 52.38 a barrel.

United States gasoline futures have risen by approximately 28% touching a two-year high of more than $2 per gallon. Gasoline for September delivery was up by 13.5% or 25.52 cents and traded at $2.1399.

British pound tumbles against the greenback and the euro

Thursday, the British pound declined in relation to the euro and the United States dollar, as uncertainty over Brexit negotiations and mediocre macro- economic data negatively affect investors. Against the greenback, the pound was traded at $1.2890 losing 0.3% of its value. The pound also slipped at the same percentage against the euro closing at 92.17 pence.

From a monthly perspective, the sterling fell by 3% versus its European currency reaching its weakest point since October 2016. This week, the British currency touched an eleven-month low against its European counterpart.

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