Oil prices were edging lower as negotiations over a ceasefire and hostage deal in Gaza resumed and traders monitor the potential effect of Hurricane Beryl on U.S. production and operations.
Major ports in Texas closed operations and vessel traffic as Beryl is set to continue strengthening as it approaches the coast near Houston.
“The concern when the storm makes landfall is the potential impact it could have on refinery infrastructure,” ING analysts said in a note to clients. “Any meaningful disruptions to Texas refinery operations will likely support refined product cracks. Any prolonged refinery outages would be bearish for crude oil and bullish for refined products.”
Brent crude was down 0.3% at $86.25 a barrel, while WTI fell 0.5% to $82.74 a barrel.
