Tokyo — US crude futures fell in Asian trading on Friday, partly reversing sharp gains from the previous session, amid ongoing turmoil in the oil industry with nearly 25% of US refining capacity offline. US West Texas Intermediate (WTI) was down 27c, or 0.6%, at $46.96 barrel at 4.34am GMT. The contract rebounded 2.8% on Thursday but is still heading for a weekly decline of 1.9%. The new Brent contract for November delivery was down 8c, or 0.2%, at $52.78 a barrel. The contract for October delivery, which ended trading on Thursday, closed up $1.52, or 2.99%, at $52.38 a barrel. US petrol futures have rallied more than 28% to a two-year high above $2 a gallon, buoyed by the fear of a fuel shortage days ahead of the US Labor Day weekend’s traditional surge in driving. Petrol for September delivery settled up 25.52c, or 13.5%, at $2.1399 on the last day of trading in the contract. Petrol for October delivery was down 0.2% at $1.7750. "It looks like everyone thinks that the hurricane wi...
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