Oil Drops on Weakened Tropical Storm Ida Outlook (USO, OIL, OIH, DIG)
Oil prices rose on speculation that Ida would be a hurricane when it hits land later on this week. The storm has since died down to a tropical depression, boasting winds around 35 MPH.
Speculators expected the shutdown of refineries on the Gulf of Mexico, putting a crimp in oil production. However, there still may be other disruptions, such as flooding and wind damage, that may alter production.
ETF's to watch:
Speculators expected the shutdown of refineries on the Gulf of Mexico, putting a crimp in oil production. However, there still may be other disruptions, such as flooding and wind damage, that may alter production.
ETF's to watch:
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