WTI Weekly
West Texas Intermediate crude had a poor end to the week, falling $2.33 to $73.57 on Friday.
Oil prices rose sharply at the start of the week and remained in positive territory early today, but retreated when Reuters reported, citing sources, that OPEC still plans to start gradually increasing production in October.
This led to a heavy sell-off that meant the lowest weekly close since August 2 and the second worst close since February.
One thing oil traders may want to keep on their radar is the hurricane map. Hurricane season has been quiet so far, but we are heading into the peak of storm season and there are few prospects in the mid-Atlantic. The National Hurricane Center is giving a 40 percent chance of the closest tropical system developing in the next seven days.
However, hurricanes are the driver of oil prices in the United States, as they have been in the past, now that onshore production is so high. This is the main reason behind the weak September season for crude.
As for OPEC+, expect frequent production rumors next month.
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