Crude oil futures surged Thursday, taking back recent losses after the U.S. Energy Department’s release of 1 million barrels a day from the Strategic Petroleum Reserve.
The move was made in the wake of Hurricane Harvey which has disrupted refinery operations on the Texas coast.
October West Texas Intermediate rose $1.27, or 2.8%, to settle at $47.23 a barrel on the New York Mercantile Exchange. Still, oil was down 6% for the month.
Gasoline futures continued to skyrocket.
September gasoline rose 25.5 cents, or 13.5%, to end at $2.140 a gallon, up about 28% for the month. October gasoline rose 14.2 cents, or 5.7%, to $1.779 a gallon.
The material has been provided by InstaForex Company – www.instaforex.com