16 Jul 2014
Oil trading softer – Danske Bank
FXStreet (Edinburgh) - The price of the barrel of crude oil has been correcting sharply, suggested Lars Christensen, Chief Analyst at Danske Bank.
Key Quotes
“Despite more optimism about the Chinese economy, global commodity prices have been under some pressure recently”.
“The oil price has dropped rather sharply over the past 24 hours bringing it close to the year-low from early April”.
“The market has really bought into the good news from Libya that the country is getting ready to open two major oil ports in the east and to start exporting oil again”.
“Positioning for a higher oil price following the Iraqi insurgence has probably exacerbated the recent market reaction, though”.
“Nevertheless, focus in the oil market has now returned to the downside risks due to the ongoing supply boom”.
Key Quotes
“Despite more optimism about the Chinese economy, global commodity prices have been under some pressure recently”.
“The oil price has dropped rather sharply over the past 24 hours bringing it close to the year-low from early April”.
“The market has really bought into the good news from Libya that the country is getting ready to open two major oil ports in the east and to start exporting oil again”.
“Positioning for a higher oil price following the Iraqi insurgence has probably exacerbated the recent market reaction, though”.
“Nevertheless, focus in the oil market has now returned to the downside risks due to the ongoing supply boom”.