Oil prices fall for third day as Gulf Coast infrastructure recovers from Tropical Storm Beryl

Oil prices dropped over 1% on Tuesday, marking the third consecutive day of decline, as Gulf Coast oil production and refining infrastructure appeared largely undamaged by Tropical Storm Beryl.

Initially a Category 1 hurricane upon landfall in Matagorda, Texas, Beryl weakened into a tropical storm and has since moved inland, now identified as a post-tropical cyclone near Shreveport, Louisiana, by the National Hurricane Center.

The decline in Brent crude prices ended a four-week rally, with concerns about significant production disruptions easing following Beryl’s impact.

While the port of Corpus Christi reported minimal effects, all terminals at the Houston port remained closed on Tuesday for damage assessment and repairs, CNBC has reported.

read more: https://www.cnbc.com/2024/07/09/crude-oil-prices-today.html

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