West Texas Intermediate crude oil futures for delivery in October fell 0.13% on Tuesday to $46.51 a barrel. Futures for benchmark Brent crude fell 0.37% to $51.24 a barrel.
Much of the U.S.'s refining capacity is located in the coastal region of Texas where the storm made landfall on Sunday night and where flooding has been worst. The storm is expected to lash the Gulf of Mexico's coast on Tuesday with the National Hurricane Center predicting as much as 50 inches of rain in some regions, contributing to "ongoing catastrophic and life-threatening flooding from Texas to Louisiana."
Exxon said a roof at the facility in Baytown "partially sank" because of heavy rain.
Apple on Monday confirmed that Sept. 12 will be the official launch party for its much-anticipated iPhone 8 release.
The venture, Dongfeng Motor Corp., aims to develop a vehicle based on an SUV platform shared by Renault and Nissan, the companies announced Tuesday. Production is due to begin in 2019, the Associated Press reported.
Global automakers are investing heavily to develop electric vehicles for China, responding to rising demand. According to the AP, sales of pure-electric and gasoline-electric hybrids in China rose 50% last year over 2015 to 336,000 vehicles, accounting for 40% of global demand. By comparison, U.S. sales totaled 159,620.
5. -- Best Buy Co. (BBY) earned 69 cents a share on an adjusted basis in the second quarter, topping forecasts of 63 cents. The electronics chain also raised revenue and operating earnings guidance for fiscal 2018.
The stock rose 3.5% in premarket trading.
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