Singapore — Oil markets were roiled on Monday after Hurricane Harvey wreaked havoc along the US Gulf coast over the weekend, knocking out numerous refineries and some crude production. Petrol prices hit two-year highs as huge floods caused by the storm forced refineries across the US Gulf Coast to shut down. In crude markets, Brent futures were pushed up by pipeline blockades in Libya, but US crude futures eased as the US refinery shutdowns could reduce demand for American crude. Harvey came ashore at the weekend as the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries. The US National Hurricane Center (NHC) said on Monday that Harvey was moving away from the coast but was expected to linger close to the shore until the end of Tuesday, and that floods would spread from Texas eastward to Louisiana. Texas is home to 5.6-million barrels of refining ...
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