Oil slips on Gaza talks, Hurricane Beryl in focus

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Oil slips on Gaza talks, Hurricane Beryl in focus

STORY: Oil prices edged lower on Monday, reversing course after four weeks of gains, as hopes of a ceasefire deal in Gaza eased worries of tightening supply.

Talks over a U.S. plan to end the nine-month-old war are being mediated by Qatar and Egypt.

The price of both Brent crude and U.S. West Texas Intermediate crude were down roughly a percent each as of midday Monday.

But the slides were kept in check by the potential impact of Hurricane Beryl, currently wreaking havoc across the Texas coast.

Texas produces more oil and natural gas than any other area of the country.

Port closures there could temporarily halt crude and liquefied natural gas exports, oil shipments to refineries and gasoline deliveries.

And the storm threat is just beginning: government forecasters expect up to seven major hurricanes this season, more than double the annual average of three.

In addition to hurricanes, U.S. refineries are also contending with scorching heat, which can lead to equipment malfunctions and reduction in refining capacity.

The U.S. supplies more oil and gas globally than any other country in the world, with a refining capacity of over 18 million barrels a day. Half of that is produced along the Gulf Coast, which is particularly susceptible to storms and high temperatures.

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