According to Bloomberg, the US government will release 1 million barrels of oil from strategic reserves and supply oil refineries along the Gulf of Mexico. This is the first time the United States has used strategic oil reserves in 5 years. Because hurricane Harvey led to the disruptions of foreign oil supply in the central region of the US refining and chemical industry.
New York market closed at 48.66 yuan per barrel, Market analysts say the hurricane "Harvey" has recently hit a US oil producer Texas, a number of refineries closed, resulting in reduced demand for crude oil. In September 5th, some refineries in Texas announced the resumption of production, the increase in demand for crude oil news to boost the rising oil prices in New York.
In addition, the dollar weakened on the same day, increased oil dollar denominated oil investment attractiveness, supporting international oil prices.
In the day before the close, the New York Mercantile Exchange in October delivery of light crude oil futures rose $ 1.37. To settle at $48.66 a barrel, the growth rate is 2.90%. November delivery of London Brent crude oil futures rose $ 0.63. To settle at $53.38 a barrel, the growth rate is 1.19%.