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Oil jumps 1.2%, settling at $48.07, as US refineries restart, Saudis discuss extending cuts 2017-09-11
crude oil price jumps
Oil prices were mixed on Monday, with Hurricane Irma's pounding of Florida raising demand fears, while U.S. refinery restarts and Saudi cut extension talks gave upward pressure.

Benchmark U.S. West Texas Intermediate crude ended Monday's session up 59 cents, or 1.2 percent, to $48.07. Brent crude oil futures for November delivery were down 3 cents at $53.75 a barrel.

Hurricane Irma knocked out power to more than 6 million Florida homes and businesses after millions were told to evacuate ahead of the storm. Irma hit Florida on Sunday morning as a dangerous Category 4 hurricane. It gradually lost strength and weakened to a tropical storm by Monday morning as it headed towards Georgia.

Irma came on the heels of Hurricane Harvey, which struck the U.S. oil hub of Texas two weeks ago, knocking out a quarter of the nation's refineries, many of which are now restarting operations.

Now many refineries are restarting, including the largest U.S. refinery. On Monday, Motiva Enterprises restored the 325,000 barrel per day (bpd) VPS-5 crude distillation unit at its Port Arthur, Texas, refinery to minimum production levels sources said.

--News from www.cnbc.com
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