Explosion at a Mexican oil refinery weighs on oil prices

An explosion at the Cadereyta refinery near Mexico's northern city of Monterrey has left one person dead and two badly burned. This has impacted oil markets as Mexico has a limited refining capacity, and this shut down could create demand. Markets were mixed at the end of the driving season that comes at a time when oil demand is weak and inventories are near or above six-year highs. New York's main contract, light sweet crude for delivery in October, dipped to US$74.09 dollars a barrel, while Brent North Sea crude for October delivery rose to US$77.7. Morgan Stanley analyst said that crude futures were likely to spend the next month "in the upper-end" of the 70-80 dollars range. Crude oil prices have been surprisingly range-bound and are likely to remain so into mid-October, before ultimately trading higher as refiners exit maintenance, bolstering crude demand and tightening inventories.
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