Oil slips nearly 3% as US refineries shut ahead of Harvey

Oil prices fell nearly three per cent on Thursday amid concerns over demand as US Gulf Coast refineries shut operations as Tropical Storm Harvey was forecast to turn into a major hurricane. The US National Hurricane Center forecast Harvey was quickly strengthening. US crude futures dropped $1.27, or 2.6 per cent, to $47.14 a barrel and Brent crude fell 89 cents a barrel, or 1.7 per cent, to $51.68 by 12:48 pm (1648 GMT).