Crude Oil underwent a very volatile session last week. Crude oil began last week's session with a rising trend, and a barrel of oil was traded for $81.0. However, a change in trend took place then, and crude oil dropped to $77.0 a barrel.
Currently, as storms are shutting export terminals and production in Mexico and Hurricane Ida is entering the southern Gulf, oil prices are rising once again, and a barrel of crude oil is now traded for $78.50. Hurricane Ida is currently expected to weaken as it crosses production regions of the Gulf of Mexico. Nevertheless, traders should keep an eye on the developments of this issue, as it is likely to impact the prices of oil throughout this week.
In addition, on Thursday, the U.S Crude Oil Inventories data will be released. This indicator tends to have an immediate impact on crude oil, and traders should follow its result. Traders should also follow the leading publications from the U.S as they have proven to have a large impact on crude oil's value.