The price of crude oil futures ebbed and flowed Thursday morning prior to the release of a government report indicating the inventory of U.S. supplies of the energy commodity is likely to fall, according to published reports.
One day after gaining nearly 4 percent in value, crude oil prices hovered around even, Bloomberg reports. The manifestation of Tropical Storm Lee in the Gulf of Mexico prompted the slowdown of oil output in the Gulf of Mexico as output tapered as well. Another system, Tropical Storm Nate, is manifesting in the Gulf of Mexico and forecasters said it is likely to become a full-blown category 1 hurricane before making landfall in Eastern Mexico, according to Reuters.
"Markets have adjusted to a level where growth is no longer priced in," managing partner Kaha Kiknavelidze of Rioni Capital Partners told Bloomberg. Rioni is a London-based hedge fund that focuses on emerging markets.
At 10:50 a.m. on Thursday, crude oil futures gained 0.22 percent, a 26 cent rise to $116.06 per barrel.
Production of crude oil in Mexico only would be impacted by Nate should the system follow its forecast.
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