SINGAPORE - Oil prices were little changed as investors eyed energy supply disruption, with the largest ports in Texas shut before Tropical Storm Beryl likely strengthens into a hurricane and makes landfall on Monday.
The ports of Corpus Christi, Houston, Galveston, Freeport and Texas City closed on Sunday to prepare for Tropical Storm Beryl which could grow into a Category 2 hurricane after making landfall in the middle of the Texas coast between Galveston and Corpus Christi later on Monday.Port closures could bring a temporary halt to crude and liquefied natural gas exports, oil shipments to refineries, and motor fuel deliveries from those plants.
WTI gained 2.1% last week after data from the Energy Information Administration showed stockpiles for crude and refined products fell in the week ending June 28. France faced potential political deadlock after elections on Sunday threw up a hung parliament while Iranians chose Masoud Pezeshkian as their new president, a relative moderate who beat a hard-line rival in the election.AIX-EN-PROVENCE, France - China's anti-dumping probe into Europe's cognac industry is a tit-for-tat reaction to European Union tariffs on Chinese electric vehicles, the finance chief at Hennessy cognac owner LVMH said on Saturday.