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EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Oil steady as storm heads into Gulf of Mexico

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LONDON: Oil prices steadied on Thursday, holding on to most of their recent gains after another fall in US crude inventories indicated a tighter market, and as a tropical storm headed towards oil producing facilities in the Gulf of Mexico.


Benchmark Brent crude LCOc1 was down 5 cents a barrel at $52.52 by 0745 GMT. US light, sweet crude CLc1 was 5 cents lower at $48.36 a barrel.


Both contracts had risen more than 1 per cent on Wednesday, buoyed by potential output disruptions from the Gulf of Mexico storm Tropical Depression Harvey. “For the next few days, the US market is going to be focused on Texas as Tropical Depression Harvey is expected to strengthen into a Category I hurricane by Friday,” said Sukrit Vijayakar, director of energy consultancy Trifecta.


“Operators in the area are already closing down platforms and evacuating workers as a precaution,” he added.


Harvey strengthened into a tropical storm late on Wednesday night with winds of about 40 miles per hour (65 km per hour) and was located about 440 miles (705 km) southeast of Port Mansfield, Texas, the US National Hurricane Center reported. Royal Dutch Shell , Anadarko Petroleum and Exxon Mobil have all taken steps to curb some oil and gas output at platforms in the Gulf. — Reuters


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