www.varchev.com

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


Read more:
RECCOMEND WAS THIS POST USEFUL FOR YOU?
If you think, we can improve that section,
please comment. Your oppinion is imortant for us.
WARNING: Any news, opinions, research, data or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Varchev Finance Ltd. expressly disclaims any liability for any lost principal or profits which may arise directly or indirectly from the use of or reliance on such information. Varchev Finance Ltd. may provide information, quotes, references and links to or from other sites and blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the sites, blogs or other sources of information.
Varchev Finance