Oil prices continue to climb as market recovers from Harvey

U.S. oil futures pushed higher on Tuesday, as U.S. refineries continued to resume operations and as investors eyed upcoming U.S. stockpiles data to evaluate the impact of Hurricane Harvey on supply and demand.

The U.S. West Texas Intermediate crude October contract was at $49.09 a barrel by 09:00 a.m. ET (13:00 GMT), up 43 cents or around 0.82%.

Elsewhere, Brent oil for October delivery on the ICE Futures Exchange in London gained 60 cents or 1.12% to a four-month high of $53.98 a barrel.

Gasoline futures for October slid 0.75% to $1.671 a gallon, close to levels seen before storm system Harvey made landfall along the U.S. Gulf coast.

Oil prices rallied on Tuesday as operations in oil refineries, pipelines and shipping channels across Texas and Louisiana returned gradually this week, after storm system Harvey made landfall in the heart of the U.S. energy industry 10 days ago.

However, many analysts say it could take months before the U.S. petroleum industry fully recovers from Harvey.

Market focus turned on Wednesday to Hurricane Irma, a record Category 5 storm, which is barreling towards important shipping lanes in the Caribbean.

There is another tropical storm on Irma’s heels in the Atlantic, and another one active in the Gulf of Mexico.

Investors were also eyeing fresh weekly information on U.S. stockpiles of crude and refined products due on Wednesday and Thursday to weigh the impact of Harvey had on supply and demand.

The reports come out one day later than usual due to the U.S. Labor Day holiday on Monday.