IMF And Hurricane Michael Affect Oil Production – 9 October, 2018

Oil prices dipped when the IMF decreased their forecast for growth and possibly hurting the demand for oil in 2018/2019, but held up when the U.S. Gulf of Mexico had to shut down 40 percent of its output due to hurricane Michael heading in Florida’s direction. West Texas Intermediate crude dropped 0.2 percent and 16 cents to $74.8 per barrel, and Brent crude futures, after gaining 1.3 percent on Tuesday, were down 2 cents to $84.98 per barrel.