On Monday, oil prices rose in New York, in a market that is still measuring the aftermath of Hurricane Irma as refineries in the Gulf of Mexico are progressively resuming operations.
The light sweet crude (WTI) rose 59 cents to $48.07 in October contracts traded on the New York Mercantile Exchange (Nymex).
London Brent’s barrel for November reached $53.84 after increasing six cents.
Hurricane Irma hit Florida on Sunday and operators are in the midst of damage assessment.
The worst scenarios have not materialized,”
said Phil Flynn, from Price Futures Group.
Also in the Gulf of Mexico, refineries closed last week due to Hurricane Harvey.