US crude oil futures settle at $47.48/BBL. Big down day.

Down -$1.61 or -3.28%

The price of crude oil is settling the day at $47.48/BBL. That is down -$1.61 on the day and down -3.28%.

The high reached $49.26. The low came in at $47.27. We are closing near the low.

The concern is the impact of Irma will impact the demand for oil going forward. Also some refineries in Houston are still offline lowering the demand for the supply of crude. Once those refineries come back online the demand should pick up.