Search ForexCrunch
  • Crude oil prices push higher as Hurricane Laura turns into a category 3 hurricane.
  • WTI trades at its highest level since early March above $43.50.
  • Eyes on EIA’s Crude Oil Stocks Change data.

Crude oil prices continue to push higher on Wednesday on reports showing that Laura has strengthened into a category three hurricane and is forecasted to turn into a category 4 later in the day. 

Hurricane activity supports WTI

Hurricane Laura has maximum sustained winds of 115 miles (185km) per hour and currently located about 290 miles (465km) southeast of Galveston, Texas, the US National Hurricane Center (NHC) announced, as reported by Reuters. Oil producers in the US have already shut most of their output in the Gulf of Mexico.

As of writing, the barrel of West Texas Intermediate (WTI), which touched its highest level since March 6th at $43.65 earlier in the hour, is trading at $43.50, gaining 0.32% on a daily basis.

Later in the session, the US Energy Information Administration (EIA) will publish its weekly Crude Oil Stocks Change data.

Technical levels to watch for