West Texas Intermediate is trading lower as traders monitor how Beryl will affect refining, production and export infrastructure.
U.S. crude oil futures fell nearly 1% Monday as traders monitored the impact of Hurricane Beryl on Gulf Coast refining, production and export infrastructure.
. The platform was producing roughly 100,000 barrels per day, about 5.5% of oil production in the Gulf of Mexico, according to Andy Lipow, president of Lipow Oil Associates."I don't foresee this storm affecting either supply or price to any significant degree; the consumer will get their gasoline. Most people will not even notice," Lipow said in a note on Sunday.
Prices at the pump were averaging about $3.50 per gallon nationwide on Monday, about 1 cent higher than last week but 3 cents lower than last month, according to the motorist association AAA.
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