Rising oil supply remains at the center of the news today and especially figures from the US confirm this statement.
Oil prices hiked for a fourth day in a row, in the Asian session on Wednesday.
Global Oil prices soared to multi-year highs during the final trading week of Q3 as geopolitical risk sparked concerns over possible supply shocks.
Oil prices will continue to rise as long as the Iran issue gets closer and intensified.
International laws may collide and this could send prices to extraordinary levels.
The Oil world is awaiting for the OPEC and non-OPEC producers meeting on September the 23rd in Algiers, Algeria for the smoke to clear over the supply matter that’s has been looming over Iran’s exclusion.
Oil prices were seen strengthening on news of US Oil rigs being reduced on a weekly basis.
Crude Oil was on an upsurge during Tuesday as the storm hit the Mexican Gulf, however corrected lower during the US session as fears eased.
Uncertainty could build on unstable production from countries in the Middle East.
Today, in the American session we get Canadas Building Permits for June and from the US the EIA Weekly Crude Oil Inventories Survey.