Fuel supply into the region almost ground to a halt as Sandy, one of the biggest storms ever to hit the United States, forced the closure of two-thirds of the region's refineries, its biggest pipeline, and most major ports.
WTI crude oil futures for December edged down 25 cents to $85.29 in Asia electronic session today.
The national average retail price of regular gasoline fell 11.9 cents a gallon to a three-month low of $3.568 a gallon in the week ended Monday, the Energy Information Administration said. The 3.2% drop in the week put the price at the lowest since July 30.
Global markets were subdued on the closure of New York stock exchanges, with Asian shares making modest gains. Sandy battered the U.S. East Coast, prompting the closure of air, ship, rail and even highway services, and knocked out power to more than 2.8 million homes and businesses in the region.
Sandy will close U.S. stock markets for a second day on Tuesday, as Wall Street turned its attention to whether markets would be able to resume functioning for the month's final trading day on Wednesday.
The American Petroleum Institute said on Monday it has not delayed the release of its weekly petroleum stocks report yet, but it will continue to assess conditions.
MCX November crude futures may open today’s session near Rs 4650 levels with support around Rs 4600 levels.
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