Oil falls as Harvey shuts 24% US refining – Australia News

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Petrol futures have surged to a two-year high while crude oil was down, as flooding and damage from Tropical Storm Harvey shut nearly a quarter of US refinery capacity, curbing demand for crude while raising the risk of fuel shortages.

About 4.4 million barrels of US refining capacity has been shut by Harvey, based on company reports and Reuters estimates. That represents nearly a quarter of US refining production, and restarting plants under even the best conditions can take a week or more.

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