Benchmark U.S. gasoline prices slumped on Monday to pre-Hurricane Harvey levels as oil refineries and pipelines in the U.S. Gulf Coast slowly resumed activity, easing supply concerns. U.S. West Texas Intermediate (WTI) crude futures were up 20 cents at $47.49 US per barrel by 11:22 a.m. NYMEX gasoline futures were down 3.24 per cent at $1.6913US a gallon, levels last seen on Aug. 25, crippling production and causing widespread flooding. A number of major refineries, which convert crude oil to refined products such as gasoline and jet fuel, were gradually resuming operations on Monday. Overall trading activity in the oil futures market was expected to be low on Monday due to the Labour Day holiday.

Source: CBC News September 04, 2017 14:22 UTC