OIL IMPACT

U.S. crude futures fell as the refinery shutdowns could reduce demand for American crude.

Brent futures also eased, but losses were capped as pipeline blockades in Libya slashed the OPEC country’s production by nearly 400,000 barrels per day.

Harvey is the most powerful hurricane to hit Texas in more than 50 years, killing at least two people, causing large-scale flooding, and forcing the closure of Houston port as well as several refineries.

It has knocked out a quarter of oil production from the Gulf of Mexico, prompting fears it could overturn years of excess U.S. oil capacity and low prices.

U.S. economic growth more than halved in the quarter after Hurricane Katrina mauled Louisiana in August 2005, but bounced back by early 2006 as reconstruction began and gasoline prices moderated.

Asian stock markets including Japan’s Nikkei index ended the session little changed, though shares in Japanese property and casualty insurers skidded as investors fretted about the broader impact of the U.S. storm.

In contrast, China’s major stock indexes rose to 20-month highs after a series of strong earnings.

Markets mostly dismissed North Korea’s firing of three short-range missiles into the sea on Saturday.