Crude oil price scaled 6-week highs as a new hurricane hit the Gulf Coast. Hurricane Nicholas weakened significantly into a tropical storm but still carries the potential of dumping heavy rainfall in the Gulf Coast states of Texas and Louisiana, where previous damage from Hurricane Ida continues to render half of the region’s oil production offline. Commerzbank analysts have also noted the Gulf Coast shutdowns as a near-term driver of prices, even as oil platforms around the area were still being evacuated. Also spurring upside action on Tuesday was the upbeat outlook for crude oil demand posted by the International ... (full story)