Oil Prices Hits Highest Levels Since Pandemic Era


Crude and gasoline futures both climbed to levels not seen since before the pandemic as Hurricane Laura rattled toward a key stretch of the U.S. Gulf Coast that is home to the nation’s greatest concentration of refining capacity.

gasoline futures jumped 2.1% and crude futures added 1.7% on Tuesday, bringing both contracts to the highest since early March.

The US storm is expected to make landfall late Wednesday or early Thursday along the Texas-Louisiana coast as a Category 3 hurricane, according to the National Hurricane Center. 

More than 84% of oil output in the Gulf of Mexico has now shut and refiners including Exxon Mobil Corp. and Citgo Petroleum Corp. have reduced operations or closed plants in preparation.

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