WTI Tops $60 On Gulf Of Mexico Shut-Ins

Oil prices rose this week, pushed higher by geopolitical tension and the tropical storm in the Gulf Coast. Friday, 12th July 2019 Roughly 30% of Gulf of Mexico production shut in. Tropical Storm Barry, which could yet turn into a hurricane, forced the shuttering of about 30 percent of the oil production in the Gulf of Mexico. About 44 percent of natural gas output was also closed down. IEA and OPEC see surplus next year. The IEA and OPEC issued dueling Oil Market Reports this week, both forecasting a renewed supply surplus in 2020. While the figures…