Crude oil pulled back as the Labor Day holiday marked the end of the summer driving season and signalled lower gasoline demand in coming months. The next catalyst for a tighter oil market is hurricane disruptions. The US National Hurricane Center said that Tropical Storm Hermine made landfall in northeastern Mexico today. However, it didn’t cause much damage in oil facilities in the Gulf of Mexico.
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Driving Season Ends, Hurricanes as Next Catalyst for Oil Prices
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