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 Center (NHC) said in its latest note.
U.S. West Texas Intermediate (WTI) crude futures were at $46.35 per barrel at 0644 GMT, down 9 cents from their last close. Brent crude futures were down 6 cents, at $51.94 a barrel.
In the refined product market, price movements have been more dramatic.
U.S. gasoline prices were over 3 percent higher at $1.8380 per gallon. Prices earlier climbed to the most since July 31, 2015, at $1.842. Diesel futures also jumped, gaining 1.2 percent to $1.6854 a barrel and were earlier at their highest since Jan. 9 at $1.697.
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