Dizziness Oil Trader, Why is it so hard to raise the price!

 Oil prices continue to trade under pressure despite the risk of a hurricane Delta that threatens oil facilities in the Gulf of Mexico forcing energy companies to stop producing nearly 1.5 million barrels a day.


The benchmark Brent crude futures traded up $ 42.04 a barrel, while the US WTI declined slightly to $ 39.92 a barrel.


As hurricane Delta is projected to increase to category 3 storms with wind speeds of up to 120 miles per hour (193 km per hour), oil producers have removed 183 facilities and stopped production of nearly 1.5 million barrels a day.


In addition, the movement of black commodity trading was also limited by the increase in US crude oil supply which increased by 501,000 barrels a day last week, according to data published by the Energy Information Administration (EIA).



This indicates that the recovery in US crude oil demand is still weak due to the continuous increase in coronavirus cases in the country.


Hopes to see a recovery in U.S. oil demand fade after Trump concludes talks on a new stimulus package until the November presidential election.