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Crude dips, gasoline spikes as floods knock out almost a quarter of U.S. refineries

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices dipped on Wednesday but gasoline spiked to its highest since mid-2015 as flooding in the wake of Hurricane Harvey knocked out almost a quarter of U.S. refineries, crimping demand for crude but raising fears of fuel shortages.Harvey, which has been downgraded to a storm, has caused massive floods across coastal Texas, including in Houston. It is now moving into Louisiana, where more floods are expected. "Catastrophic and life-threatening flooding continues in southeastern Texas and portions of southwestern Louisiana," the National Hurricane ...

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First Published: Wed, August 30 2017. 12:27 IST