Amsterdam — US crude oil prices are on track to post the steepest monthly losses in more than a year on Thursday, as concerns spread over falling demand in the world’s top oil-consuming country after storm Harvey knocked out almost a quarter of its refineries. But prices rallied in the oil products markets, with US petrol futures hitting a two-year high above $2 a gallon, buoyed by fears of a fuel shortage, just days ahead of the Labor Day weekend during which there is typically a surge in driving. Harvey, which brought record flooding to the US oil heartland of Texas and killed at least 35 people, has paralysed at least 4.4-million barrels per day of refining capacity, according to company reports and Reuters estimates. Traders from Europe to Asia were scrambling to fix fuel cargoes to the US. Goldman Sachs said it could take several months to restore all production. "While no two natural disasters are similar, the precedent of Rita-Katrina would suggest that 10% of the … currently...
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