Oil futures rose Thursday, but U.S. prices gave up nearly all of their earlier gains by the settlement. Prices found support as Saudi Arabia reportedly contacted foreign producers to help fill holes in its supply chain following last weekend's attacks on the country's production facilities.
However, news of storm disruptions to refining activity in Texas suggested a slowdown in demand for crude, prompting U.S. prices to give up nearly all of the day's gains. The Sabine Ship Channel, a major Southeast Texas waterway for transporting cargo, was closed early Thursday because of flooding from Tropical Storm Imelda, according to global shipping provider GAC.
October West Texas Intermediate oil rose 2 cents to settle at $58.13 a barrel on the New York Mercantile Exchange. October gasoline meanwhile, added 4.3 cents, or 2.6%, to settle at $1.7007 a gallon.
Source : Marketwatch