Oil Scales Fourth Week In a Row

Oil Scales Fourth Week In a Row

Amid the scares of Hurricane Laura in Texas and Louisiana, oil prices headed towards fourth weekly benefit.

However, with the infliction of lesser damage, the oil prices spilt a little on Thursday. The futures in New York ended 0.8 per cent down, i.e. below USD 43/ barrel. Laura was slated to be the most dangerous hurricanes to hit Louisiana ever, but it reduced to a mere tropical storm. However, it knocked out several chemical plants that produce LNG (liquefied natural gas) and crude facilities. Also, it caused some harm to the largest US refinery, but it likely averted the major damages.

Notably, ahead of the storm, the refining capacity of more than three million barrels a day was shut. Besides, more than eighty per cent of production in the Gulf of Mexico US also witnessed a halt. 

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