Events in Libya pushed the oil price up. So what's the strategy to benefit from it?
Crude prices edge up as Hurricane Harvey heads for American Gulf coast
On Friday, crude rallied because the US petroleum industry got ready for probable output disruptions due to the fact that Hurricane Harvey was making its way to the heart of the nation's crude industry in the Gulf of Mexico.
Since Thursday the storm has quickly intensified, turning into potentially the greatest hurricane to affect the American mainland for 12 years and also taking aim between Houston as well as Corpus Christi on the coast of Texas.
American West Texas Intermediate crude futures hit $47.74 a barrel, rising 0.7% from their previous settlement.
As for Brent crude futures, they reached $52.39 a barrel, adding 0.7% from their previous close.
Crude prices tacked on because oil output in the affected area rapidly shut down in preparation for the upcoming hurricane, and on hopes that closures could continue if the storm provokes extensive damage.
American gasoline prices have risen by nearly 10% since Wednesday to $1.73 a gallon, which is their highest outcome since April because refiners had to shut down too in preparation to the storm.
The oil prices experienced significant losses amid the US-Iran tensions at the beginning of the year. What's next?
Iran retaliates, Donald Trump will announce the next step by the US today. Gold flies up to $1,600 per ounce.
Canada will publish the headline and core retail sales on January 24 at 15:30 MT time.
The European Central Bank will publish its monetary policy statement and announce the main refinancing rate on January 23 at 14:45 MT time.
Donald Trump spoke at the World Economic Forum in Davos. You have to hear this.