Oil Drops After Storm Ends With No Delay in Supply

West Texas Intermediate declined as oil production in the Gulf of Mexico resumed after Tropical Storm Karen weakened and the U.S. came closer to breaching its debt ceiling.
Futures slid as much as 1.3 percent after companies including Chevron Corp. (CVX) and BP Plc (BP/) returned staff to platforms as Karen was downgraded to a depression and passed offshore facilities.House of Representatives Speaker John Boehner said yesterday the chamber can’t pass an increase to the U.S. debt ceiling without packaging it with other provisions, which President Barack Obama has resisted. Shipments of North Sea crudes will increase in November to the most in 21 months.

via Bloomberg

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza