Oil Traders Dismiss Affects of Tropical Storm Debby (USO)

United States Oil Fund LP ETF (NYSE: USO) and crude oil in the U.S. remain under pressure this morning despite reports that tropical storm Debby caused oil companies in the Gulf of Mexico to reduce output by 23 percent. There are 61 companies operating in the Gulf, including ConocoPhillips (NYSE: COP) and BP PL (NYSE: BP). Traders have largely dismissed the affects of the storm and continue to focus on the prospects of slower global growth after a string of negative data was reported last week.

According the CFTC, institutional investors continue to slash their holding in oil, with the number of longs reaching a 19 month low for the week of June 19th. WTI continues to trade below $80 per barrel, while Brent trades at $90 after trading in the 80s for the first time since 2010 on Friday.

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