Oil price hits five-month high as hurricane heads for US refineries

Arabnewssocial27 Aug, 2020News

Oil prices hit a five-month high on Wednesday as Hurricane Laura homed in on the heartland of the US energy industry. With the hurricane strengthening and upgraded to a �catastrophic� Force 4 storm, the oil industry around the Gulf of Mexico was bracing itself for landfall in the next 24 hours. Oil producers and refiners � including Saudi Aramco�s giant Motiva plant on the Texas coast, the largest refinery in North America � shuttered their operations for the duration of the hurricane.