US crude continues post-Harvey rally, rising 1% to 4-week high of $49.16 2017-09-06
US crude price rose

Oil prices rose on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Storm Harvey.

U.S. West Texas Intermediate (WTI) crude futures finished Wednesday's session up 1 percent at $49.16, the highest closing level in four weeks.

Brent had gained 72 cents, or 1.4 percent, to $54.10 a barrel by 2:24 p.m. ET (1824 GMT), having struck a more than three-month high going back to May 25 earlier in the session.

"Prices are extending the momentum seen in the last few days due to a number of U.S. refineries restarting after Harvey," said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas.

"There were concerns over a big drop in crude demand but with refinery restarts or announcements of them ... we see that their infrastructure has been mostly preserved," he said.
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