Amid Hurricane reports, gasoline, oil jump five-months high

Amid Hurricane Reports, Gasoline, Oil Jump five-months High

During the concerns of Hurricane Laura approaching the U.S.

Gulf Coast, which harbours the most significant concentration of refining capacity of the nation, gasoline and oil futures prices have spiked to a five-month high. 

Surpassing the unforeseen limits of corona pandemic, the U.S. crude futures hiked to 1.7% while the gasoline futures added 2.1% to its credit on Tuesday. These are the highest limits both have witnessed since March. 

Notably, as per the National Hurricane Center, the storm may make landfall early Thursday or late Wednesday, along the coast of Texas-Louisiana. It is a category 3 Hurricane. 

It is noticeable that over 84 per cent of oil output has shut and refiners like Citgo Petroleum Corp, and Exxon Mobil Corp have brought down their production considerably in the Gulf of Mexico. 

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