Oil- markets on Friday saw Brent crude supported by Saudi Arabia hoping to cut October supplies, while United States crude was curbed by refinery - outages due to Hurricane- Harvey damages , which dented demand .
Focus was shifting to three other hurricanes that are currently tearing through the Caribbean and Gulf of
Mexico .
Brent crude futures rose to 54. 57 dollars a barrel at 0735 GMT , with the benchmark for international oil prices earlier marking its highest since April at
54.79 dollars a barrel. Saudi Arabia will cut crude oil
allocations to its customers worldwide in October by 350 , 000 barrels per day, an industry source familiar with Saudioil policy told Media on Thursday .
The United States West TexasIntermediate crude futures were at48.98 dollars a barrel , 11 cents below
their last settlement.
Traders said that the dip was a result of
low refining activity following
Hurricane Harvey, which hit the U.S .
Gulf coast two weeks ago .
It knocked out almost a quarter of the
country ’s huge refinery industry,
cutting demand for crude oil refining
lifeblood .
“ Most refineries are restarting and we
expect a near- full recovery by month -
end,” U.S . investment banker, Jefferies
said.
Harvey’ s impact was also felt in oil
production. U. S. oil output fell by
almost 8 percent, from 9 .5 million
barrels per day to 8. 8 million bpd ,
according to the Energy Information
Administration.
Port and refinery closures along the
Gulf coast and harsh sea conditions in
the Caribbean have also impacted
shipping.
“ Imports (of oil) to the U.S . Gulf Coast fell to levels not seen since the 1990s ,” ANZ bank said.
Traders said it would take weeks for the U. S. petroleum industry to return to full capacity , and that under the current conditions it was difficult to identify fundamental market trends .
As the oil industry continues to grapple with the fallout from Harvey , a much bigger Hurricane was lashing the Caribbean islands and heading for the
United States.
Hurricane Irma, which has become one of the biggest storms ever measured , on Friday hit the Dominican Republic and Haiti, heading for Cuba and the Bahamas .
It was predicted to hit Florida by Saturday.
The U.S . National Hurricane Center(NHC) said that Irma was still a Category 5 hurricane, with wind speeds of 160 - 185 miles per hour (260 - 295 km /
h).
On Irma’ s heels , Hurricane Jose isheading for the Caribbean Leeward islands , which have just been devastated by Irma , with wind speeds of 120 mph (195 km /h ).With storm Katia about to hit the Mexican Gulf coast, there are three major hurricanes currently active in the region.

Sadly this is good for Nigerian economy

Not too good for our economic plans.

It only has momentary advantage, its long term effect is not good for our fragile economy.

Our non-oil sectors should grow before anything else.