Is A Major Oil Price Breakout On The Horizon?

U.S. West Texas Intermediate crude oil futures are trading slightly better on Friday as Hurricane Laura moved beyond the heart of the U.S. oil industry in Louisiana and Texas without causing any major damage to production and refining facilities. With refineries spared from feared massive flooding, the initial assessment shows no damage to the upstream or downstream facilities. Additionally, crude oil has given back most of the storm premium and could return to its elongated holding pattern. U.S. Energy Information Administration Weekly Inventories…