Crude prices fell to the lowest level in over a month on Tuesday after a hurricane ripped through the heart of the U.S. oil industry, shutting down some 13 percent of refining capacity in the United States.
The refinery closures helped push U.S. gasoline futures to a two-year high of $1.7799 per gallon on Monday, although they had receded to $1.7622 up 2.9 percent, by 2:13 p.m. ET (1813 GMT) on Tuesday.
U.S. West Texas Intermediate (WTI) crude ended Tuesday's session down 13 cents at $46.44 a barrel, its weakest closing price since July 24. International Brent crude futures fell 20 cents lower at $51.69 per barrel and touched a more than one-week low.
The damage assessment could lead to more volatility. Some refineries were preparing for restarts, but heavy rains are expected to last through Wednesday, adding to catastrophic flooding in Houston.