Futures Movers: Oil prices climb, gasoline slumps as some refiners come back online after Harvey

Gasoline prices retreated from highs and U.S. crude prices rose on Monday as some refineries started coming back on line following Hurricane Harvey, now a tropical depression, that caused the shutdown of a sizable portion of U.S. refinery capacity last week.

Colonial Pipeline Co. said it expects to restart on Tuesday an important pipeline that pumps gasoline to the east coast from Texas refineries, easing trader’s fears that too much crude is flowing into storage.

Nymex reformulated gasoline blendstock RBV7, -2.95% — the benchmark gasoline contract — was down 3% to $1.69 a gallon. ICE gasoil changed hands at $508.50 a metric ton, down $2.25 from the previous settlement.

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