Will Hurricane Harvey Send Oil Prices Higher?

http://www.elliottwave.com/Investor-Research/Financial-Forecast-Service?tcn=ytv1703
Many energy market observers expected Hurricane Harvey’s disruption of U.S. oil refining around the Texas Gulf Coast to send oil prices higher. But you might be surprised at what happened in the aftermath of an even more powerful Hurricane Katrina. Take a look at this chart.

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The price of has tumbled to its lowest level since November of last year. In Asian trading, the international benchmark Brent Crude was under a barrel. Prices have been sliding in recent days over fears oversupply is returning to the market. Also today, George Clooney’s tequila bonanza.

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