Oil prices have been swinging higher and lower depending on shifting sentiment between the US and Iran as well as from the US-China trade negotiations.
Buyers put in a premium for Hurricane Barry, but other than halting production for a couple of days, the storm did little to disrupt supply. Prices got pressurised after the reports that production in Gulf of Mexico increased after Hurricane Barry passed through region without inflicting major damage on the oil platforms. Since there was no supply disruption, speculative buyers were forced to liquidate.
The surprise for the bulls was the announcement that Iran was willing to talk with the US about its nuclear missile programme. At the same time, tensions are not easing between the US and China. With both sides at the deadlock and resigned to a drawn out affair, the resulting downside risk to the economy has also undercut oil. Moreover, a rising dollar in past months has dragged down crude, as the currency has been keep ..
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