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Oil prices eased on Tuesday as concerns about supply disruptions from Hurricane Beryl in the United States eased. Brent North Sea crude for September delivery fell 0.43% to $83.38 per barrel. Its U.S. equivalent, West Texas Intermediate (WTI) crude for August delivery, fell 0.51% to $81.91 per barrel.
After crossing the Caribbean, storm Beryl hit Texas on Monday, bringing heavy rains that caused flooding and massive power outages, and caused the death of at least five people in the southern United States.
Despite this, “oil prices fell slightly on Tuesday after Beryl passed through the Gulf of Mexico”, with the storm “causing less damage than expected” to the oil infrastructure present in large numbers in Texas, analysts commented.
“With the region’s energy infrastructure largely unaffected by the storm, fears of an impact on oil supplies have dissipated,” analysts said.