Oil prices rose more than 1 percent on Wednesday as strong global refining margins and the reopening of U.S. Gulf Coast refineries provided a more bullish outlook after sharp drops due to Hurricane Harvey. But traders remained wary of Hurricane Irma, ranked as one of the five most powerful Atlantic hurricanes in the last 80 years, which was passing over the northernmost Virgin Islands on Wednesday afternoon and headed toward Florida at the weekend, raising concerns that it could knock out a major demand centre and cause more fuel shortages.

There is also another tropical storm on Irma's heels. Jose, heading for the Caribbean, strengthened to a hurricane on Wednesday and could become a major Category 3 storm by Friday.

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