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Futures Movers: Oil sinks as economist deems Hurricane Michael a ‘non-event for oil’ production

Crude-oil futures dropped Wednesday as traders played down the potential impact of Hurricane Michael on energy infrastructure in the Gulf of Mexico.

“While this may be the most damaging hurricane in decades, it turns out to be a non-event for oil and gas production,” James Williams, energy economist at WTRG Economics, told MarketWatch. “We now know the hurricane will not damage production areas, so the shut-in production will return to normal within [four to five] days as the platforms are repopulated with workers.”

West Texas Intermediate crude for November delivery CLX8, -2.19% on the New York Mercantile Exchange fell $1.60, or 2.2%, to $73.36 a barrel, poised for its lowest finish in nearly two weeks.The global benchmark, Brent crude for December delivery LCOZ8, -1.86% gave up $1.74, or 2.1%, to $83.26 a barrel on the ICE Europe exchange.

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