Crude Oil Mixed In Asia As U.S. Benchmark Down On Harvey Impact

Crude oil prices were mixed in Asia on Monday in the aftermath as the U.S. benchmark was hit by initial weaker demand expectations after the massive hit taken to U.S. Gulf Coast output and refineries from Hurricane Harvey and follow-on flooding inland in Texas.
The U.S. West Texas Intermediate crude October contract fell 0.36% to $47.70 a barrel. Elsewhere, on the ICE Futures Exchange in London, Brent oil for October delivery gained 0.40% to $52.19 a barrel.
Hurricane Harvey has knocked offline ~22% of Gulf of Mexico oil production, or nearly 380M bbl/pay out of 1.75M, and ~26% of natural gas output, or 828M cf/day out of 3.22T, according to the U.S. Department of the Interior’s Bureau of Safety and Environmental Enforcement.
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