Crude oil prices have risen due to disruptions in U.S. production caused by Hurricane Francine and expectations of a Federal Reserve interest rate cut.
Crude oil prices extended gains made at the start of the week as a significant portion of U.S. production capacity in the Gulf of Mexico remained shut-in, following Hurricane Francine . An additional driver for oil prices came from traders expecting inventory declines over the week to September 13. The American Petroleum Institute reports inventory estimated later today and the EIA releases its report on Wednesday.
The disruption caused by Francine on Gulf of Mexico oil and gas production pushed oil prices higher last week and the boost appears to have endured longer than one might expect, especially in light of reports that bearish bets on oil hit an all-time high also last week. “This historic speculative selling pressure prompted a more than $10/bbl collapse in crude prices between late August and this past Tuesday,” Commodity Context analyst Rory Johnston wrote in a note cited by Reuters.
Hurricane Francine U.S. Production Gulf Of Mexico Crude Oil Brent Crude West Texas Intermediate Federal Reserve Interest Rate Cut Inventory
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