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🌧️Oil price falls in direction proportion to the strength of the hurricane!

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oil price and hurricane ida

The price of crude oil fell on Monday and the only factor that apperas to be determining it is the decreasing strength of the Hurricane Ida, which has been downgraded to a tropical storm.

Analysts must be awaiting the the data from the API and EIA about the US crude oil inventories to predict the price for the next few days ahead, but not the fluctuations that defy the logic. As for the request made by the US to increase the production, the OPEC+ have been vague about the response. The current production increase, 400,000 bpd, will remain the same as the members are in unison in maintaining it. A substantial increase in the output in response to the US request, however, will be a bone of contention among the members; maintaining the price at a sustainable level is in everybody's interest, especially when the risk of markets being flooded with crude oil has just vanished with the revival of the JCPOA in limbo.

For more on that, please read here:


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