Oil markets were roiled on Monday after Tropical Storm Harvey wreaked havoc along the U.S. Gulf Coast over the weekend, crippling Houston and its port, and knocking out several refineries as well as some crude production.
U.S. gasoline prices hit two-year highs as massive floods caused by the storm forced refineries in the area to close.
In turn, U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude.
But U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 50 cents at $47.37.
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