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Oil Posts Weekly Gain With Refineries on the Mend After Laura

  • Price rise was capped by high inventories, fragile demand
  • WTI rises for fourth straight week, up 6.7% so far in August
Laura Set To Be 'Potentially Catastrophic' Category 4 Hurricane
Photographer: Bryan Tarnowski/Bloomberg
Updated on

Oil rose for a fourth week in a row as U.S. Gulf Coast refineries began restarting though gains were capped as investors shifted their focus from the storm toward the fragile rebound in consumption amid the pandemic.

WTI was little changed on Friday and notched a 1.5% gain for the week. While Laura was one of the most powerful hurricanes to ever hit Louisiana, facilities in southeast Texas avoided the worst of the storm, allowing infrastructure there to start the recovery process.