Analyst: Oil prices are gradually recovering under the impact of the storm surge

Golden Data News on September 13th, under the threat of the storm in the United States, oil prices continued to rise, with Brent crude returning to around $72. The impact of Hurricane ‘Francine’ on the Supply Chain is still at play. However, the IEA’s monthly oil market report shows a dim outlook, with global oil consumption increasing by only 800,000 barrels per day in the first half of this year, and daily consumption is expected to increase by 900,000 barrels in 2024. Among the many news surrounding oil prices, once the supply issues fade, the Fed meeting may be able to provide limited support to boost oil prices. From a technical perspective, oil prices are touching the 50-day moving average. If successfully broken, the next resistance level for Brent crude would be $73.32.