Oil Mixed, Brent Rises As Irma Casts Shadow Over Harvey Recovery

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Oil futures were mixed on Thursday, with Brent rising to a 5-1/2 month high while U.S. crude slipped on a bigger-than expected crude stock build, as the restart of U.S. refiners after Hurricane Harvey was countered by the threat of Hurricane Irma. Brent futures gained 29 cents, or 0.5 percent, to settle at $54.49 a barrel, its highest close since April 18 for a second day in a row. U.S. West Texas Intermediate crude , meanwhile, lost 7 cents, or 0.1 percent, to settle at $49.09 per barrel.

The U.S. Energy Information Administration said on Thursday U.S. weekly crude stocks increased 4.6 million barrels last week, topping analysts' forecast for a 4.0-million-barrel build in a Ripples Advisory poll. 

Reflecting the impact of Harvey which hit the Gulf Coast on Aug. 25, the EIA said U.S. oil refinery utilization rates slumped 16.9 percentage points to 79.7 percent last week, the lowest rate since 2010. U.S. Gulf Coast utilization rates dropped to 63.4 percent, the lowest rates since the EIA began collecting the data in 2010.

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