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Oil prices grow by 5% on tropical storm

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Oil shows strong growth this week. Bulls managed to get over the level of $66.6 per barrel of Brent crude, which had stopped the upward movement 2 weeks ago. The $66.5-66.7 range is now quite a strong support level, however, it is not yet possible to gain a foothold above $67. It seems that players are taking profit after almost 5% weekly growth mainly caused by the "Barry" tropical storm in the Gulf of Mexico.

This was the reason why production has already declined by more than 1 million barrels per day, which is more than 53% of the standard production of the entire region. A storm may hit the US coast on Saturday. According to the weather forecast, it will turn into a category 1 hurricane, with a wind speed exceeding 120 km/h.
The local support for the uptrend was also provided by the actions of Iran. Iran called on Britain to immediately release its Grace 1 oil tanker, which had been seized near Gibraltar. A reduction in the US crude oil inventories to a three-month low also had an impact on the asset price.

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Source: https://olymptrade.com/
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