Nicholas strengthens to hurricane as U.S. Gulf Coast braces for flooding

“Tropical storm Nicholas strengthened into a hurricane late on Monday and is set to batter the Gulf Coast of Texas and Louisiana with rising seawater and rains that could cause widespread and life-threatening flooding,” per the latest update from Reuters.

“The hurricane, carrying winds of 75 mph (120 kph), was about 45 miles (75 kms) southwest of Freeport Texas, the National Hurricane Center (NHC) said in a bulletin on Monday night,” the news adds.

The piece also cites Hurricane Ida that wreaked havoc in the U.S. Gulf Coast the last month while mentioning the deaths of more than two dozen people in Louisiana near New Orleans.

Oil inches closer to $71.00

Following the news, WTI oil prices inches closer to the highest levels last seen during early August, revisited on Monday, surrounding $71.00.

Read: WTI Price Analysis: Prints three-day uptrend on the way to $71.00