Oil prices hold steady as concerns over hurricane damage ease

Singapore, July 9 (BNA):  Oil prices were little changed on Tuesday after a hurricane that hit a key U.S. oil-producing hub in Texas caused less damage than markets had expected, easing concerns over supply disruption.

Brent futures rose 4 cents to $85.79 a barrel by 0622 GMT, while U.S. West Texas Intermediate (WTI) crude climbed 2 cents to $82.35, Reuters reported.

Although oil refining activity slowed and some production sites were evacuated, major refineries along the U.S. Gulf Coast appeared to see minimal impact from Hurricane Beryl, which weakened into a tropical storm after hitting the Texas coast.

Major oil-shipping ports around Corpus Christi, Galveston and Houston had been shut ahead of the storm.  The Corpus Christi Ship Channel reopened on Monday and the Port of Houston was projected to resume operations on Tuesday afternoon.

Several key refiners such as Marathon Petroleum were also preparing to restart their refining units.

Market participants are also keeping an eye on the situation in the Middle East for more trading cues.


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