Oil market trading was cautious on Wednesday, with crude demand and shipments subdued due to refinery closures following Storm Harvey and the arrival of an even bigger hurricane in the Caribbean.
Although many refineries, pipelines and ports that were knocked out by Harvey 10 days ago are now restarting, analysts said it would take weeks before the U.S. petroleum industry is back to capacity.
As of Tuesday, about 3.8 million barrels of daily refining capacity, or about 20 percent, was shut. Several other refineries were running at reduced rates, according to company reports and Reuters estimates.
Focus was also being drawn to massive Category 5 storm Hurricane Irma, which is barrelling towards the Caribbean and Florida and could knock out other refineries.
U.S. West Texas Intermediate (WTI) crude futures were at $48.69 barrel at 0709 GMT, little changed from their last settlement.
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