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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 toward recovery from the devastation of Harvey
as shipping channels, oil pipelines and refineries restarted
some operations.
Eight U.S. oil refineries with 2.1 million barrels per day of
refining capacity, or 11.4 percent of the U.S. total, were shut
as of Monday afternoon, the Department of Energy said.
Harvey hit the Texan coast late on Aug. 25 and at its peak
knocked out almost a quarter of all U.S. refining capacity.
In international markets, Brent crude futures <LCOc1> edged
higher by 0.3 percent to $52.49 a barrel amid signals the
Organization of the Petroleum Exporting Countries could extend
its output limits beyond the first quarter of 2018.
Russia and Saudi Arabia have discussed extending an oil output
cut agreed among OPEC and non-OPEC producers but no specific
decisions have been made yet, Russian Energy Minister Alexander
Novak was quoted as saying on Tuesday.
Iranian Oil Minister Bijan Zangeneh said unofficial talks were
under way to extend the cuts, adding that global crude
inventories remained at high levels.
For a graphic on Harvey's energy impact click http://tmsnrt.rs/2xzso1S
(Editing by Dale Hudson)
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