BLOOMBERG.COM
Oil traded near a four-week high as U.S. refiners returned from shut downs caused by Hurricane Harvey, boosting demand for crude. Futures rose 0.2 percent in New York, extending the almost 4 percent increase in the previous two sessions. While Motiva Enterprises LLC works to return its Port Arthur refinery, the largest in the U.S., to 40 percent production by the end of the weekend, another Atlantic hurricane is approaching. Industry data showed crude inventories rose by 2.79 million barrels last week. If government figures Thursday also report an increase, it would be the first since the end of June.
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Oil traded near a four-week high as U.S. refiners returned from shut downs caused by Hurricane Harvey, boosting demand for crude. Futures rose 0.2 percent in New York, extending the almost 4 percent increase in the previous two sessions. While Motiva Enterprises LLC works to return its Port Arthur refinery, the largest in the U.S., to 40 percent production by the end of the weekend, another Atlantic hurricane is approaching. Industry data showed crude inventories rose by 2.79 million barrels last week. If government figures Thursday also report an increase, it would be the first since the end of June.
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