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Oil prices fall 1% as US refineries close

Oil prices fall 1% as US refineries close

(Getty Images)

NEW YORK (Reuters) – Oil prices closed 1% on Tuesday for the first month since March, as demand is expected to ease after the closure of Hurricane Ida refineries in the US Gulf.

Brent futures for October, which matured on Tuesday, closed at $ 0.42, or 0.6 percent, at $ 72.99 a barrel.

The US oil futures (WTI) closed at $ 0.71 or 1%, $ 68.50.
Both benchmark brands had their first monthly losses since March, though not far from their July highs. Brent fell 4% in August, while U.S. crude fell 7%.

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