Oil closes lower for 2nd session; Brent below $86

Oil drilling rigs

Oil declined for the second session in a row, amid concerns about weak demand due to refinery outages, after Hurricane Beryl reached the US Gulf Coast with maximum winds of 129 kilometers per hour.

International benchmark Brent crude fell 0.9%, or 79 cents, to close at $85.75 a barrel. WTI crude slumped 1%, or 83 cents, to record $82.33 per barrel.

According to PowerOutage US, more than 2.7 million homes and businesses in Texas were without power. Centerpoint Energy, the power provider for the southern and eastern parts of the state, said it had at least 2.2 million customers without electricity.

Pakistan's Prime Minister Shehbaz Sharif said oil and gas companies plan to invest $5 billion over the next three years to explore drilling sites in about 240 locations in the country, which relies on imports to meet energy demand.