WTI is up by more than 1.7% to test the $71 handle
Supply shortage as a result of Iran sanctions is among other things that is keeping oil underpinned recently. But this week's surge has more to do with Tropical Storm Gordon - which is to grow into a hurricane and strike oil fields in the Gulf Coast.
The impending hurricane has already prompted the state of New Orleans to declare a state of emergency and rig closures are going to impact supply in the market and oil traders are capitalising on the news.
While metals and other commodities are being battered by the strong dollar, oil is the only one sticking out and rising today. A perfect storm, eh?
To our readers in the area, be safe out there.
