Hurricane Harvey has created an oversupply of crude oil temporarily until we can export more and refineries start back up.
U.S. crude supplies dropped 5.8 million barrels for the week ended Aug. 25. Hurricane Harvey caused Texas refineries with an output of 4.1 million barrels per day to be offline on Tuesday.
Hurricane Harvey is estimated to have reduced refining capacity in the area by more than 2 million barrels a day, boosting gasoline prices, but adding pressure on U.S. crude.
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