U.S. oil prices up as flooding hits Cushing hub - Reuters

U.S. oil prices up as flooding hits Cushing hub - Reuters:

U.S. crude futures gained almost 1% on Tuesday after flooding throughout the Midwest constrained crude flow from the main U.S. storage hub in Cushing, Oklahoma.

U.S. West Texas Intermediate (WTI) futures settled at $59.14 a barrel, up 51 cents, or 0.9%, from its close on Friday before the long Memorial Day holiday weekend. 


“Flooding seems to have impacted distribution hubs around the United States, slowing stuff coming out of Cushing and creating a bid on WTI,” said Phillip Streible, senior market strategist at RJO Futures in Chicago.