Oil price rises to $55 as hurricanes damage refineries

Oil-markets saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery-outages due to Hurricane-Harvey damages, which dented demand.

The focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of Mexico.

Brent crude futures rose to 54.57 dollars a barrel at 0735 GMT, with the benchmark for international oil prices earlier marking its highest since April at 54.79 dollars a barrel.

Saudi Arabia will cut crude oil allocations to its customers worldwide in October by 350,000 barrels per day, an industry source familiar with Saudi oil policy told Media on Thursday.

The United States West Texas Intermediate crude futures were at 48.98 dollars a barrel, 11 cents below their last settlement.

UCJ, UNILORIN.