Malcolm Graham-Wood
Independent Analyst
There were more positive tones in the oil markets yesterday but to be fair most of it was following slightly flaky data from China and the US, markets around the world have rallied sharply following the ECB decision to launch more stimulus. In China it was new homes prices data which showed a rise for the 5th consecutive month, in the US it was also housing stats and better than expected employment numbers. The earnings season continues and the numbers have been reasonable this week. Finally the oil price might have been better but for the rise in the dollar yesterday. Today’s rig count will, as usual, be important and with the EIA showing a fall in domestic production this week and likely to continue, a further fall could well signal more positive news for the oil price. With November not far off, all it needs now is some cold weather and dont forget that refinery maintenance finishes next week so a stock draw is not out of the question…
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