Oil Falling as US Refiners Avoid Worst Phase of Laura

Oil prices plummeted, as Storm Laura bypassed the heart of the US oil industry in Louisiana and Texas without causing wide losses to refineries.

Brent crude futures for October delivery, which are due on Friday, fell seven cents to $ 44.99 a barrel before the opening of Wall Street.

US West Texas Intermediate crude futures fell three cents to $ 43.01 a barrel.

Hurricane Laura, whose level was lowered to a tropical depression, swept early Thursday in Louisiana with winds of 240 kilometers per hour, destroying buildings, falling trees and cutting electricity for more than 650,000 people in Louisiana and Texas.

American producers stopped producing 1.56 million barrels per day of crude oil, or 83% of the Gulf of Mexico’s production, while about nine refineries stopped about 2.9 million barrels per day of production capacity or the equivalent of 15% of the refining capacity in the United States.