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Oil Stays at Near 5-Month High

Oil prices remained near a five-month high on Thursday, amid a threat from Hurricane Laura in the Gulf of Mexico that forced oil rigs and refineries to shut.

The storm intensified Wednesday and is now bring heavy rains and catastrophic.

Meanwhile, industry data showed that US crude inventories were at 507.8 million barrels last week, even after a bigger-than-expected fall of 4.7 million barrels.

However, fears over rising COVID-19 cases globally and virus reinfections in Asia and Europe lingered.

At around 04:45 AM GMT, WTI crude was flat at $43.39 a barrel, while Brent crude rose 0.2% to $45.75 a barrel.

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