9 Dec 2014
Oil dropped overnight to lowest levels since 2009 – Danske
FXStreet (Barcelona) - The Danske Bank Research Team notes that oil prices continued its decline, as overnight Brent fell below USD 66/bbl, weighing down commodity currencies.
Key Quotes
“The oil price continues to decline and overnight Brent crude oil dropped below USD66/bbl, the lowest level since 2009. While the lower oil price is positive for global growth in general, it weighs on oil-producing countries and their currencies and yesterday Moody's issued warnings about oil-exporting Gulf states’ ability to withstand a prolonged low oil price. While most Gulf states can handle the pressure of the oil price averaging around USD80/bbl to USD/85bbl in 2015, Bahrain and Oman look most vulnerable, the report says.”
Key Quotes
“The oil price continues to decline and overnight Brent crude oil dropped below USD66/bbl, the lowest level since 2009. While the lower oil price is positive for global growth in general, it weighs on oil-producing countries and their currencies and yesterday Moody's issued warnings about oil-exporting Gulf states’ ability to withstand a prolonged low oil price. While most Gulf states can handle the pressure of the oil price averaging around USD80/bbl to USD/85bbl in 2015, Bahrain and Oman look most vulnerable, the report says.”