Early Friday in Asia, Reuters came out with the news suggesting that the oil producers from the Persian Gulf are gradually restoring work after fears of hurricane Sally pushed them off the work for consecutive five days. The news also cites the recent increase in Saudi exports as a reason for the oil price weakness. Key quotes U.S. offshore drillers and exporters began a clearup on Thursday after Hurricane Sally weakened to a depression and started rebooting idle Gulf of Mexico rigs after closing the down for five days. Crews were flown back to at least 30 offshore oil and gas platforms. Equinor and Chevron Corporation began returning staff to platforms in the Gulf of Mexico, following Murphy Oil Corporation’s restart this week. In Saudi Arabia exports rose in July to 5.73 million barrels per day (bpd) from a record low the previous month, official data showed on Thursday. Market implications Although the news is mostly priced, WTI buyers are struggling above $41.00 by the press time. Read: WTI Price Analysis: 200-bar SMA guards immediate upside beyond $41.00 FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next AUD/USD Price Analysis: Looks to 0.7350 amid bullish crossover on 1H chart FX Street 1 year Early Friday in Asia, Reuters came out with the news suggesting that the oil producers from the Persian Gulf are gradually restoring work after fears of hurricane Sally pushed them off the work for consecutive five days. The news also cites the recent increase in Saudi exports as a reason for the oil price weakness. Key quotes U.S. offshore drillers and exporters began a clearup on Thursday after Hurricane Sally weakened to a depression and started rebooting idle Gulf of Mexico rigs after closing the down for five days. Crews were flown back to at least 30 offshore oil and… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
