Hurricane Irma continues to be an impact
As hurricane Irma hurtles toward the US with Category 5 winds, the price of crude oil is being bid up on fear it will disrupt the oil extraction from the Gulf.
For the day, the price is settling up $0.50 or 1.03% to $49.16. The high price reached $49.42. The low reached $48.52.
The market going forward, will continue to be open for swings with the ebbs and flows from the path of the storm. The expectations are for a move north once it hits Florida. That might limit any down time from rigs in the Gulf of Mexico. If the path skirts southern Florida, that would be more problematic and would send crude oil prices higher.
The market will be watching the weather and the path of the devastating storm.
