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Michael helped oil rise to $ 84.3 per barrel

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Michael helped oil rise to $ 84.3 per barrel
October 09
09:00 2018

The hurricane contributed to the price rise for black gold. Because of it, it’s possible to decline oil production in the Gulf of Mexico.

During the bidding process in London, Brent’s contracts for December have risen by half a dollar compared with the previous session – to the mark of $ 84.3 per barrel.

November contracts for WTI (traded on the NYMEX) have risen by 0.5% to the value of $ 74.6 per barrel.

It is expected that in the near future about 20% of the mining capacity in the Gulf of Mexico will be curtailed due to the reports of the hurricane coming from Cuba.

According to the forecasts, “Michael”, having hazard category 1, may become stronger and reach the category 3.

Stephen Innes, an analyst at Oanda, said that such news might be a positive signal for the market in the short term, but the information on the stock growth could radically change the trend. The market did not pay attention to this, but now the situation may turn around.


The material was prepared with the participation of Anjela Chromova,
a leading analyst of the brokerage company CT Trade

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