The oil patch is trading higher today after Saudi Arabia’s new energy minister confirmed that his country would stay the course on its oil policy, presumably to keep oil prices ticking higher as Saudi Aramco nears its long awaited IPO.
The slow start to the 2019 Hurricane season might finally be kicking into gear with Tropical Storm Dorian strengthening over the weekend just a few hundred miles southeast of the Lesser Antilles.
Oil markets have been trading lower all day today even after yesterday’s sell off on continued fears of a global economic slowdown exasperated by the trade war and unrest in Hong Kong.
Oil prices rose Tuesday to two week highs as traders prepare for tomorrow’s forecasted cut in interest rates by the U.S. Federal Reserve and a crude oil draw in the Department of Energy weekly inventory report.
Although prices are well off their highs, the complex trades higher today after OPEC+ looks to extend production cuts, the U.S. and Chinese declare a truce on the trade war, and Iran reported having higher levels of uranium than the 2015 signed nuclear deal allows.