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.
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.