Crude Oil Futures Surge As Gulf Coast Refineries Resume Operations - Nifty Future Tips

Crude oil futures extended their gains and surged on Tuesday, as Gulf Coast refineries resumed operations, following the disruptions caused by Hurricane Harvey last week. Prices were supported by a stronger dollar and concerns about rigs in the Gulf of Mexico. Just a week after Hurricane Harvey, Hurricane Irma is bearing down on Caribbean islands and may be heading for the Gulf of Mexico as a category 4 or 5 storm.

Benchmark crude oil futures for October delivery ended up by $1.37 or 2.91 percent to $48.66 on the New York Mercantile Exchange. In London, Brent crude for October delivery ended higher by 1.70 percent at $53.24 a barrel on the ICE.

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