Oil holds near $60 amid hurricane Barry and the crisis with Iran

Oil started the week, holding about $ 60 after nearly 73% of all oil and gas production due to Hurricane Barry, the Gulf of Mexico was shut down despite worries about the overall outlook for oil.

Futures slowed down after last week’s “black gold” rose by 4.7%. Despite these 73% off production on Sunday, some of the manufacturers are ready to work at full speed at the first signs of “calming down” the storm. However, IEA said last Friday that there was a surprise increase in world oil inventory for the first half of this year, despite OPEC + constraints on mining. The situation with Iran is still tense. At this stage, the market is beginning to adjust to the upcoming disturbances in the oil market, with a caution.

Source: Bloomberg Finance L.P.

Graphs: Used with permission of Bloomberg Finance L.P.

 Trader Martin Nikolov

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